EUR/JPY Price Analysis: Looks neutral/bullish near-term
|- EUR/JPY adds to Tuesday’s gains above the 129.00 yardstick.
- Next on the upside emerges the YTD highs near 130.00.
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
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