EUR/JPY Price Analysis: 2020 tops are just around the corner

• EUR/JPY looks firm and reclaims the 124.00 mark and above.
• Immediately to the upside emerges the 2020 peak in the 124.40/45 band.

The rally in EUR/JPY is everything but abated and is now trading closer to the yearly tops in the 124.40 area on Thursday.

Extra upside momentum remains well on the cards and is expected to target the 2020 peaks beyond the 124.00 mark in the very short-term horizon. If the buying impetus picks up pace, then the focus should shift to the May 2019 high at 125.23 (May 1).

As long as the 200-day SMA at 119.90 holds the downside, the outlook on the cross is seen as positive.

EUR/JPY daily chart