- EUR/JPY keeps the inconclusive trade above the 130.00 level.
- The 2021 tops in the 130.65/70 band emerge as the next hurdle.
EUR/JPY exchanges ups and downs above the key barrier at 130.00 the figure at the end of the week.
The recovery looks healthy and after retaking the interim barrier at 130.00 the cross could now attempt a move of the more relevant 2021 high at 130.66 (March 18). While above the short-term support line in the 128.30 region, extra gains remain well on the table. This area of contention coincides with the 50-day SMA.
A break below the latter should alleviate the upside pressure and allow for the continuation of the downtrend, at least in the short-term view.
In the meantime, while above the 200-day SMA at 125.36 the broader outlook for the cross should remain constructive.