- EUR / JPY is moving higher towards the 130.00 zone.
- The 2021 highs in the 130.65 / 70 band emerge as the next hurdle.
EUR / JPY reverses recent weakness and manages to climb past the key 1300.00 barrier.
The recovery remains healthy and an attempt to test the 2021 high at 130.66 (March 18 high) looks increasingly likely in the near term. As long as it is above the short-term support line at the 128.30 region, additional gains remain well on the table. This area of containment is reinforced by the proximity to the 50-day SMA at 128.46.
A break below the latter should ease upward pressure and allow for some downward correction in the near term.
Meanwhile, in a more general perspective, if it remains above the 200 SMA at 125.46, the cross will continue to be bullish.
EUR / JPY day chart