EUR/JPY Price Analysis: Rally remains unaltered
|- EUR/JPY clinches new yearly highs near 130.70 on Thursday.
- Immediately on the upside comes in the 131.00 barrier.
EUR/JPY puts the 130.00 yardstick under pressure after reaching fresh 2021 highs in the 130.65/70 band earlier in the session.
The bid bias in the cross remains well and sound for the time being. That said, a surpass of YTD highs near 130.70 should allow for extra gains with immediate target at the 131.00 hurdle followed by the summer 2018 high at 131.98 (July 17).
Reinforcing the current positive stance, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) in the 127.60 area, also coincident with the 50-day SMA.
In the meantime, while above the 200-day SMA at 124.88 the broader outlook for the cross should remain constructive.
EUR/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.