EUR/JPY Price Analysis: Upside faltered ahead of 127.50

• EUR/JPY comes under pressure and recedes below 127.00.
• The 2021 highs in the 127.50 zone emerge as the next hurdle.

Following Friday’s bull run to levels past 127.00 the figure, EUR/JPY has started the week on an offered bias.

There is no change on the topside, where the 2021 highs around 127.50 remain the next hurdle of significance. If this area is cleared, then there are no barriers of note until the November 2018 tops in the 130.10/15 band.

Looking at the broader picture, while above the 200-day SMA at 123.17 the outlook for the cross should remain constructive.

EUR/JPY daily chart