EUR/JPY Price Analysis: Further upside likely near-term
- EUR/JPY adds to Thursday’s gains and approaches 128.00.
- Further north emerges the YTD high around 128.50 (February 17).
EUR/JPY’s upside momentum remains well in place and now flirts with the key barrier at the 128.00 neighbourhood.
The recent bullish move met resistance in the mid-128.00s for the time being, sparking a corrective downside to the 127.30 region (Wednesday) soon afterwards.
A convincing surpass of the 2021 highs near 128.50 should expose the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. Further up comes in monthly peaks at 130.14 (November 7 2018).
Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.50.
Looking at the broader picture, while above the 200-day SMA at 123.95 the outlook for the cross should remain constructive.
EUR/JPY daily chart
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
