- EUR/JPY extends the ongoing bounce and approaches 132.00.
- Next upside target appears at the 2022 high above 133.00.
EUR/JPY extends the gains after the recent break of the 200-day simple moving average and opens the door for further short-term gains.
The continuation of the bounce is now expected to lead to a revisit to the 2022 peak at 133.15 (Feb 10). If the buying impulse picks up a further pace then the focus should turn to the Oct 2021 high at 133.48 (Oct 20).
As long as the cross remains above the two-month support line, today near 128.70, further upside should remain on the table. In the longer term, the outlook for EUR/JPY is seen as constructive as long as it trades above the 200-day simple moving average at 130.45.
EUR/JPY day chart
Source: Fx Street
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