EUR/JPY Price Analysis: A test of the mid-119.00s stays on the cards

• EUR/JPY is bouncing off recent lows in the vicinity of 120.00.
• A move to the 200-day SMA in the mid-119.00s appears likely.

After testing the 120.20 region during early trade, EUR/JPY has managed to regain poise and it has now trading back above the 121.00 mark.

The rebound follows the better tone in the risk appetite trends and further recovery should target the 2020 highs well above 124.00 the figure.

If sellers regain control, a potential visit to the 200-day SMA in the vicinity of 119.50 should not be ruled out.

EUR/JPY daily chart