EUR/JPY Price Analysis: Upside now targets 131.60

• EUR/JPY adds to Tuesday’s uptick beyond the 131.00 yardstick.
• Next on the upside comes the YTD highs near 131.60.

EUR/JPY extends Tuesday’s optimism and manages to reclaim the 131.00 mark and above midweek.

The near-term persistence of the buying impulse could motivate the cross to attempt a move to the 131.50/60 band, where the so far 2022 high sits (January 5). Further up comes the minor hurdle at the Fibo level (of the October-December drop) at 132.17.

While above the 200-day SMA, today at 130.53, the outlook for EUR/JPY should remain constructive.

EUR/JPY daily chart