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  • EUR/JPY is extending the march further north of the 118.00 yardstick.
  • Next on the upside emerges the 119.00 neighbourhood.

EUR/JPY is prolonging the upside momentum for yet another session, managing to retake the 118.00 barrier and above.

The cross has quickly left behind the 55-day SMA in the mid-117.00s and kept pushing higher, shifting its near-term focus to the 119.00 region. This key resistance area is reinforced by the proximity of the 100-day and the 200-day SMAs at 118.89 and 119.24, respectively.

A move above the 200-day SMA should mitigate the downside pressure and allow for extra gains to March’s tops in the 121.00 region.

EUR/JPY daily chart