EUR/JPY Price Analysis: Still scope for a test of 2021 highs

• EUR/JPY resumes the upside following Friday’s pullback.
• Next on the upside comes in the YTD tops above 132.00.

EUR/JPY manages to reclaim ground lost following Friday’s moderate retracement.

Current price action suggests further upside remain well on the cards in the near-term, with the immediate target at the recent peaks near 132.40 recorded on April 28.

This view is bolstered by the immediate support line near 130.00, area coincident with the 50-day SMA.

In the meantime, while above the 200-day SMA at 126.30 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart