EUR/JPY Price Analysis: Further upside in the pipeline with target at 130.00

• EUR/JPY extends the upside momentum beyond 129.00.
• Immediately to the upside emerges the YTD high near 130.00.

EUR/JPY’s weekly recovery stays well and sound for yet another session and manage to surpass the key barrier at 129.00 the figure.

If bulls remain in control, then the next target should emerge at the 2021 highs just below 130.00 (February 25). Further north of this area 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 127.00, where also converges the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.46 the outlook for the cross should remain constructive.

EUR/JPY daily chart