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  • EUR/JPY extends the consolidative pattern around 130.00.
  • A surpass of YTD highs should put 131.00 on the horizon.

EUR/JPY remains side-lined around the 130.00 neighbourhood for yet another session on turnaround Tuesday.

Further consolidation around current levels appears favoured in the very near-term. The resumption of the bull trend faces the next hurdle at the 2021 high near 130.70 (April 7) ahead of the 131.00 mark.

While above the short-term support line around 128.50, extra gains remain on the table, with the longer term target at the 2018 high at 131.98 (July 17). This area of contention is reinforced by the proximity of the 50-day SMA at 128.83.

In the meantime, while above the 200-day SMA at 125.69 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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