EUR/JPY Price Analysis: Further upside likely near-term

• EUR/JPY adds to Thursday’s gains and approaches 128.00.
• Further north emerges the YTD high around 128.50 (February 17).

EUR/JPY’s upside momentum remains well in place and now flirts with the key barrier at the 128.00 neighbourhood.

The recent bullish move met resistance in the mid-128.00s for the time being, sparking a corrective downside to the 127.30 region (Wednesday) soon afterwards.

A convincing surpass of the 2021 highs near 128.50 should expose the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. Further up comes in monthly peaks at 130.14 (November 7 2018).

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.50.

Looking at the broader picture, while above the 200-day SMA at 123.95 the outlook for the cross should remain constructive.

EUR/JPY daily chart