EUR/JPY Price Analysis: Extra gains remain on the table

• EUR/JPY fades the move to fresh 2021 highs around 130.70.
• Next on the upside comes in the 131.00 yarstick.

EUR/JPY corrects lower after clinching new yearly tops in the vicinity of 130.70 on Wednesday.

The recovery remains healthy and a surpass of YTD peaks should put the 131.00 level back on the radar. While above the short-term support line in the 128.30 region, extra gains remain likely. This area of contention is reinforced by the proximity of the 50-day SMA at 128.61.

Further north of 131.00 comes in the 2018 high at 131.98 (July 17).

In the meantime, while above the 200-day SMA at 125.55 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart