EUR/JPY Price Analysis: Further upside now re-targets the 2022 high

• EUR/JPY adds to the ongoing rebound and approaches 132.00.
• Next on the upside comes the 2022 high above 133.00.

EUR/JPY extends the recent breakout of the 200-day SMA and opens the door to further gains in the near term.

The continuation of the rebound is now expected to revisit the 2022 peak at 133.15 (February 10). If the buying impulse gathers extra pace, then the focus of attention should gyrate to the October 2021 high at 133.48 (October 20).

While above the 2-month support line, today near 128.70, further upside in the cross should remain on the table. On the longer term, the outlook for the cross is seen as constructive as long as it trades above the 200-day SMA at 130.45.

EUR/JPY daily chart