- The EUR / JPY breaks a strong barrier and records new highs in years.
- More raises remain on the table above 131.00.
EUR / JPY manages to reverse the pessimism seen at the beginning of the week and made new yearly highs at levels just below 131.00 at the start of the European session on Tuesday.
More raises now appear likely if the breakout above the recent consolidation range is confirmed in the near term, with the next target now emerging at the 2018 high at 131.98 (July 17).
As long as it is above the five-month support line near 128.80, more rises should remain within range.
Meanwhile, if it remains above the 200 SMA at 125.92, the overall outlook for the cross should remain constructive.
EUR / JPY day chart
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