EUR/JPY Price Analysis: Rebound now targets the 2020 high around 127.00

• EUR/JPY extends the rebound from lows in the 124.40 region (Wednesday).
• Immediately to the upside is located the YTD peaks just above 127.00.

EUR/JPY met decent contention in the 124.40 region on Wednesday and sparked the ongoing rebound to the 125.65/70 band ahead of the ECB event.

If the rebound picks up extra pace, then there is no relevant barrier until the 2020 highs in levels just beyond the 127.00 yardstick (September 1).

In the meantime, the positive bias in EUR/JPY is forecasted to remain unaltered as longs as the cross trades above the 200-day SMA at 120.72.

EUR/JPY daily chart