EUR/JPY Price Analysis: Further gains look likely near-term

• EUR/JPY has regained the 117.00 mark and beyond on Tuesday.
• Immediately to the upside emerges the key barrier in the 119.00 area.

EUR/JPY is prolonging the upside momentum on the back of the renewed sentiment in the risk complex, managing to reclaim the 117.hurdle and above.

After breaking above the short-term resistance line off March’s highs, the cross is now flirting with the late-April/May tops near 117.80.

Further up comes the April’s top in the 119.00 neighbourhood. This resistance is reinforced by the proximity of the 100-day and the 200-day SMAs at 118.96 and 119.25, respectively.

EUR/JPY daily chart