EUR/JPY Price Analysis: The 2021 highs remain the next target
- EUR/JPY partially reverses Friday’s strong uptick.
- Next on the upside comes in the YTD tops near 131.00.
EUR/JPY loses some upside momentum, although it manages well to keep business above the 130.00 mark so far on Monday.
Current price action suggests further consolidation remains well on the cards in the near-term, although occasional bullish attempts should not be ruled out. In fact, if the buying impulse gathers extra steam, then a test of the 2021 highs just below 131.00 the figure should emerge on the horizon.
On the downside, decent contention is seen emerging in the mid-129.00s ahead of the minor support at the 50-day SMA around 129.45.
A break below the 5-month support line near 129.00 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).
In the meantime, while above the 200-day SMA at 126.08 the broader 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.
