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  • EUR/JPY tests the 2019 high in the mid-127.00s.
  • Further up now sits the December 2018 high at 129.25.

EUR/JPY gives away part of the recent gains after clinching yearly highs in the mid-127.00s on Thursday. This level is coincident with the 2019 high (March 1).

If the upside momentum gathers further pace, then there is no relevant hurdle until the December 2018 high at 129.25. If, on the opposite side, sellers return to the market, the next region of contention emerges in the 126.00 neighbourhood, the lower bound of the recent multi-week consolidative theme.

Looking at the broader picture, while above the 200-day SMA at 122.48 the outlook for the cross should remain constructive.

EUR/JPY daily chart