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



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