- EUR/JPY recovers the area above 130.00.
- The cross should leave behind the 200-day simple moving average at 130.38.
EUR/JPY extends the rally from weekly lows near 129.30 (Feb 22) and reclaims the 130.00 barrier this Wednesday.
EUR/JPY’s fresh recovery is now facing the next major resistance at the weekly high at 131.90 (Feb 16), which is seen as the last defense for a possible move to the 2022 high at 133.15 (Feb 10) .
As long as it remains above the two-month line today around 128.80, further upside on the cross should remain on the table in the very short term. Longer term, the outlook for EUR/JPY is seen as constructive as long as it trades above the 200 SMA today at 130.38.
EUR/JPY day chart
Source: Fx Street
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