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  • EUR/JPY trades in the area of 2021 highs well above 132.00.
  • The next target of note now comes in at the 133.00 mark.

EUR/JPY reverses Thursday’s pullback and resumes the upside with the immediate target at YTD highs around 132.80 (May 13).

If the latter is cleared, then the buying impulse could push the cross to attempt a move to the 133.00 neighbourhood ahead of the September 2018 high at 133.13. Further gains remain likely while above the immediate support line (off the March lows) near 130.50. This area is also reinforced by the 50-day SMA, today at 130.38.

In the broader picture, while above the 200-day SMA at 126.64 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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