EUR/JPY Price Analysis: Rally still targets the 130.00 region

EUR/JPY keeps the march north well and sound for yet another session and advance to the area of weekly highs in the 129.50/60 band on Friday. While bu  |  05/03/2021 11:03
  • EUR/JPY moves further north of the 129.50 level on Friday.
  • Next on the upside is located the 2021 tops near 130.00.

EUR/JPY keeps the march north well and sound for yet another session and advance to the area of weekly highs in the 129.50/60 band on Friday.

While bulls remain in control, the next target of note is 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) in the 127.00 neighbourhood, where also converges the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.52 the outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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