EUR/JPY Price Analysis: Next target remains at 2021 highs near 128.50

• EUR/JPY reverses recent weakness and reclaims 128.00.
• Next on the upside aligns the YTD high around 128.50 (February 17).

EUR/JPY fades the pessimism seen at the beginning of the week and regains the 128.00 neighbourhood on Tuesday.

The bullish move in place in the last couple of weeks appears unchanged and is expected to retest the mid-128.00s sooner rather than later.

A convincing surpass of this area should expose the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. Further up comes in monthly peaks at 130.14 (November 7 2018).

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.50. This area is reinforced by the 55-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.07 the outlook for the cross should remain constructive.

EUR/JPY daily chart