- EUR / JPY extends bullish momentum beyond 129.00.
- Immediately to the upside comes the maximum of this year near 130.00.
The EUR / JPY weekly recovery remains strong and solid for yet another session and manages to break the key barrier at 129.00.
Should the bullish tone persist, then the next target should emerge at the 2021 highs, just below 130.00 (Feb 25 high). Above this area is 130.14 (November 7, 2018 high) before 131.98 (July 17 high).
Reinforcing the idea of more gains, the EUR / JPY continues to trade above the immediate support line (from the low of November 19, 2020) near 127.00, where the 50-day moving average also converges.
Looking at the bigger picture, the bullish outlook should hold as long as the cross remains above the 200 day SMA at 124.46.
EUR / JPY day chart
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