Expectations rise for a test of the 2021 highs

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  • EUR / JPY extends Friday’s gains and surpasses the 127.00 region.
  • Annual highs near 127.50 appear as the next hurdle.

The bulls continue to control sentiment around the EUR / JPY cross at the beginning of the week.

The move above the key 127.00 level opens the door for a possible visit from the 2021 highs around 127.50, reached on January 7. Higher up, attention is focused on the 129.30 zone (November 29-December 13, 2018 highs) before that month’s highs at 130.14 (November 7, 2018).

Looking at the bigger picture, as long as the EU / JPY cross remains above the 200 day SMA today at 123.43, the outlook should remain constructive.

EUR / JPY daily chart

EURJPY

EUR / JPY technical levels

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