EUR/JPY Price Analysis: Euro attempts recovery from 2020 lows vs. yen, trades sub-120.00 figure

 

EUR/JPY is trading below its main daily SMAs suggesting a bearish momentum in the medium term while the market is trying to rebound from the 2020 lows without much conviction.

 

The market remains trapped in the March’s range although bulls are trying to breakout while nearing the 120.00 figure. However, there should be follow-through buying and break above the above-mentioned level to have the confirmation that a trend is actually in place. Until then EUR/JPY is probably bound to remain choppy in the 117.50/120.00 zone.