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EUR/JPY Price Analysis: Further gains could test the 130.00 hurdle

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Published date:
  • EUR/JPY records fresh 2021 highs beyond 128.00 on Tuesday.
  • Further up emerges the psychological resistance at 130.00.

EUR/JPY extends the rally further and records fresh YTD peaks near 128.30 on turnaround Tuesday.

If the buying impetus picks up extra steam, then the next resistance of note should emerge at the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. Further up comes in monthly peaks at 130.14 (November 7 2018).

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.30.

Looking at the broader picture, while above the 200-day SMA at 123.77 the outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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