EUR/JPY Price Analysis: Further upside should target 122.00

• EUR/JPY trades in a choppy fashion in the upper end of the range.
• Immediately to the upside emerges the next hurdle at 122.00.

EUR/JPY is extending the rangebound theme for yet another session on Thursday with gains so far capped around the mid-121.00s.

If bulls manage to break above this rangem then the next target aligns at the 122.00 neighbourhood ahead of YTD peaks beyond 124.00 the figure recorded in June.

As long as the key 200-day SMA, today at 119.61, holds the downside, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR/JPY daily chart