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  • EUR/JPY manages to retake the vicinity of the 130.00 level.
  • The 2021 highs near 130.70 emerge as the next target.

EUR/JPY adds to Tuesday’s gains and already flirts with the key barrier at 130.00 the figure on Wednesday.

The recovery looks firm and initially targets the interim hurdle at 130.00, seconded by the more relevant 2021 high at 130.66 (March 18). While above the short-term support line in the 128.10 zone, extra gains should remain well on the table. This area also coincides with the 50-day SMA.

In the meantime, while above the 200-day SMA at 125.26 the broader outlook for the cross should remain constructive.