EUR/JPY Price Analysis: The 131.00 level emerges on the horizon

• EUR/JPY trades at shouting distance from YTD highs.
• Next on the upside comes in the 131.00 yarstick.

EUR/JPY advances further to the vicinity of the 2021 highs near 130.70 on Wednesday.

The recovery remains healthy and an attempt to test the 2021 high at 130.66 (March 18) looks increasingly likely in the near-term. While above the short-term support line in the 128.30 region, extra gains remain well on the table. This area of contention is reinforced by the proximity of the 50-day SMA at 128.54.

The surpass of yearly highs should pave the way for an attempt to the round level at 131.00 the figure ahead of the 2018 high at 131.98 (July 17).

A break below the latter should alleviate the upside pressure and allow for some corrective downside in the short-term view.

In the meantime, while above the 200-day SMA at 125.51 the broader outlook for the cross should remain constructive.

EUR/JPY daiy chart