EUR/JPY Price Analysis: Extra gains could see 130.00 retested

• EUR/JPY’s weekly recovery regains the 129.00 yardstick on Wednesday.
• Immediately to the upside emerges the YTD high near 130.00.

EUR/JPY adds to the recent recovery and briefly tested weekly highs in the mid-129.00s, just to shed some ground afterwards.

If bulls remain in control, then the next target will 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 126.90, where also converges the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.41 the outlook for the cross should remain constructive.

EUR/JPY daily chart