EUR/JPY Price Analysis: recovery targets the mid-127.00s

• EUR/JPY extends the upside to the 126.30 area on Friday.
• The 2021 highs in the 127.50 zone come up next.

EUR/JPY adds to Thursday’s gains and looks to consolidate the breakout of the 126.00 hurdle.

If the buying pressure morphs into a serious recovery, then the YTD highs around 127.50 should return to the radar in the near-term.

Looking at the broader picture, while above the 200-day SMA at 122.88 the outlook for the cross should remain constructive.

EUR/JPY daily chart