EUR/JPY Price Analysis: Looks neutral/bullish near-term

EUR/JPY extends the weekly recovery past the 129.00 level on Wednesday.

While extra consolidation looks likely in the very near-term, bulls still appear in control and keep targeting the 2021 highs just below 130.00 (February 25). Further north of this area comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) in the 127.15 area, where also converges the 50-day SMA.

In the meantime, while above the 200-day SMA at 124.62 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY