EUR/JPY Price Analysis: Extra upside should visit the 123.00 area

• The upside momentum in EUR/JPY run out of steam near 122.80 on Tuesday.
• The rally now targets the 123.00 level and above.

The rising optimism in the risk-complex ahead of the sign of the US-China’s ‘Phase One’ deal has been the main source of upside pressure in EUR/JPY in past sessions.

The cross has quickly left behind the key hurdle at 122.00 the figure and advanced to the 122.75/80 band earlier today, where it met some strong resistance.

Further upside emerges the 123.309 area, July 2019 highs.

EUR/JPY daily chart