- EUR / JPY’s weekly recovery hits the 129.00 zone on Wednesday.
- Immediately to the upside comes the maximum of this year near 130.00.
EUR / JPY extended the recent rally and briefly tested the weekly highs at the 129.50 zone, only to later pull back.
Should upward pressure persist, then the next target will emerge at the 2021 highs just below 130.00 (Feb 25). Above this area is 130.14 (November 7, 2018 high) prior to 131.95 / 132.00.
Reinforcing the idea of ​​more raises, the EUR / JPY continues to trade above the immediate support line (from the low of November 19, 2020) near 126.90, where the 50-day moving average also converges.
Looking at the bigger picture, as long as the cross remains above the 200 SMA at 124.41, the outlook should remain constructive.
EUR / JPY day chart
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