EUR/JPY Price Analysis: Decent support emerges at 122.87

• EUR/JPY is extending the weekly choppiness below 124.00.
• The key support area around 122.90 holds the downside so far.

EUR/JPY is prolonging the erratic performance so far this week, always below the key barrier at 124.00 the figure and above the key support region around 122.90 (where sits the January tops.

Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If, instead, sellers extend their momentum, then the leg lower could test the support line, today around 121.20.

As long as EURJPY trades above the 200-day SMA at 119.95, the bullish outlook is expected to remain unchanged.

EUR/JPY daily chart