- EUR/JPY picks up again after Monday’s pullback.
- Immediately on the upside comes the 2022 high at 132.16.
EUR/JPY came under some downward pressure after reaching new highs for this year above 132.00.
In light of recent price action, further rallies in the cross are likely on the short-term horizon. That being said, the breakout of this year’s high at 132.16 (Feb 7) should open the door to 132.53 (4 Nov high) followed by 132.91 (29 Oct high) and finally the Oct 2021 high at 133.48 (October 20).
In the short term, more upside remains on the cards as long as it remains above the 3-month support line, today around 130.80. In the longer term, and if it remains above the 200 SMA at 130.45, the outlook for the cross is expected to remain constructive.
Source: Fx Street
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