EUR/JPY Price Analysis: Rising bets for a test of 2021 highs

• EUR/JPY adds to Friday’s gains and surpasses 127.00.
• The YTD peaks near 127.50 emerge as the next hurdle.

Bulls keep controlling the sentiment surrounding EUR/JPY at the beginning of the week.

The move above the key 127.00 mark opens the door to a potential re-visit of the so far 2021 tops around 127.50 (January 7). Further north come in the 129.30 zone (November 29/December 13 2018 highs) ahead of the monthly peaks at 130.14 (November 7 2018).

Looking at the broader picture, while above the 200-day SMA at 123.43 the outlook for the cross should remain constructive.

EUR/JPY daily chart