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  • EUR/JPY meets support in the 128.30 region on Monday.
  • Immediately to the upside emerges the YTD high near 130.00.

EUR/JPY struggles for direction in the mid-128.00s following Friday’s strong retracement

If bulls regain control of the sentiment, then the next target will emerge at the 20121 highs just below 130.00 (February 25). Further north of 130.00 comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.80, where also coincides the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.29 the outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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