- EUR / JPY recovers 130.00 and rises lows on Thursday.
- The next upside target is current year’s highs near 131.00.
EUR / JPY manages to reverse three consecutive daily setbacks so far and picks up the 130.00 level, having hit yearly highs just below 131.00 on Tuesday.
The current price action suggests that further consolidation is still in play in the near term. On the downside, decent containment is seen emerging at the 129.50 zone before minor support at the 50-day SMA around 129.30.
A break below the five-month support line near 128.90 should ease the bullish pressure somewhat and allow a move lower to the next target at the end of March lows at the 128.30 / 25 band.
Meanwhile, if it remains above the 200 SMA at 126.00, the broader outlook for the cross should remain constructive.
EUR / JPY day chart