EUR/JPY Price Analysis: Extra gains look likely near term

• EUR/JPY extends the upside for the third session in a row.
• The surpass of YTD high should allow for further upside.

EUR/JPY’s upside momentum seems to have faltered just ahead of the 131.50 level on Thursday.

The persistent buying pressure could encourage the cross to attempt an assault to the 2022 high at 131.60 (January 5), just ahead of the Fibo level (of the October-December drop) at 132.17 and November’s peak at 132.53 (November 4).

While above the 200-day SMA, today at 130.54, the outlook for EUR/JPY should remain constructive.

EUR/JPY daily chart