- EUR / JPY hits new yearly highs near 130.70 on Thursday.
- Immediately to the upside comes the 131.00 barrier.
The EUR/JPY It puts the 130.00 level under pressure after hitting new 2021 highs at the 130.65 / 70 zone early in the session.
The supply bias in the crossover remains good and solid for now. That said, a breakout of the yearly highs near 130.70 should allow for additional gains with an immediate target at the 131.00 hurdle followed by the summer 2018 high of 131.98 (July 17).
Reinforcing the current positive stance, the EUR / JPY continues to trade above the immediate support line (19 Nov 2020 low) at the 127.60 area, also coinciding with the 50-day SMA.
Meanwhile, as long as it is above the 200-day SMA at 124.88, the broader outlook for the cross should remain constructive.
Daily chart
Technical Levels
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