- EUR/JPY recovers bullish momentum and advances above the 200-day average.
- The next target on the upside is at this year’s high beyond 133.00.
EUR/JPY regains traction to the upside on Tuesday after closing in the negative for two consecutive sessions.
The short-term price action on the cross looks inconclusive at the moment. That said, upside remains capped by recent 2022 highs in the 133.10/15 band (Feb 10), while occasional bearish moves are expected to initially find support at the 200-day simple moving average at 130.45 ahead of the weekly low at 130.04 (Feb 14).
As long as it remains above the two-month support line today around 128.60, more EUR/JPY upside should remain on the table.
EUR/JPY day chart
Source: Fx Street
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