EUR/JPY Price Analysis: Next hurdle emerges at 117.00

• EUR/JPY extends the bounce off 2020 lows and reclaims 116.00.
• Immediately to the upside lines up the short-term resistance line at 117.00.

Despite the ongoing recovery from fresh yearly lows in the 114.50 region, the selling bias in EUR/JPY still remains in place as well as the probability of the resumption of the downtrend.

The ongoing recovery is expected to meet the next hurdle at the short-term resistance line around 117.00 ahead of may lows in the 117.80 region.

Above the latter, the selling pressure in the cross is forecasted to mitigate somewhat.

EUR/JPY daily chart