EUR/JPY Price Analysis: Upside still seen targeting 127.50

• EUR/JPY eases from Thursday’s new 2020 tops near 126.80.
• Further up now aligns the March 2019 high in the mid-127.00s.

EUR/JPY’s is now seeing some selling mood after printing fresh 2020 highs around 126.70 on Thursday, levels last traded in April 2019.

Further upside remains well on the cards amidst the current positive environment, and there are no relevant hurdles until the March 2019 high in the 127.50 region. It is worth mentioning, however, that the cross has already entered the overbought territory - as per the daily RSI – opening the door for a technical correction.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.21.

EUR/JPY weekly chart