EUR/JPY Price Analysis: Bulls seeking break of 120.40s

• EUR/JPY bulls taking back charge but face resistance ahead.
• A 50% mean reversion could be on the cards on a break of 124.40/80.

EUR/JPY is on the verge of a break to the upside following the divergence in the Williams A/D Momentum and the daily low of Jan 30th. Bulls have take back control from 119.77 with a high of 120.33 although may find tough structural resistance in 120.40s.

Support comes in at 119.90/00. Above here, bulls can target a break above 120.40s and seek out a mean reversion of the 2020 slide to 121.35. 120.80 and prior trendline could also provide a tough area of resistance.