EUR/JPY Technical Analysis: next target now emerges at the 200-day SMA at 122.11

• EUR/JPY is giving away part of the weekly gains and returned to the 121.00 region on renewed upside bias in the Japanese safe haven.
• The near term bullish outlook in the cross, however, remains well in place and is now targeting the key 200-day SMA at 122.11.
• Occasional bouts of selling pressure should meet decent and initial contention in the 120.00 neighbourhood ahead of the 100-day SMA near 119.70.

EUR/JPY daily chart