- EUR / JPY adds more gains to yesterday’s above 129.00.
- Then, on the upside, the highs of this year appear near 130.00.
EUR / JPY extends the weekly recovery beyond the 129.00 level on Wednesday, but without breaking recent highs.
While more consolidation seems likely in the very near term, the bulls still appear to be in control and continue to target the 2021 highs just below 130.00 (Feb 25). Above this area is 130.14 (Nov 7, 2018) ahead of the 2018 summer high at 131.98 (Jul 17 high).
Reinforcing the idea of more raises, the EUR / JPY continues to trade above the immediate support line (from the low of November 19, 2020) at the 127.15 area, where the 50-day simple moving average also converges.
In a more global perspective, as long as it is above the 200 day SMA at 124.62, the bias for the cross should remain bullish.
EUR / JPY day chart
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