EUR/JPY Price Analysis: Scope for extra upside near term

• EUR/JPY resumes the upside following Monday’s pullback.
• Immediate to the upside comes the 2022 high at 132.16.

EUR/JPY came under some selling pressure following new YTD highs past 132.00 the figure at the beginning of the week.

In light of the recent price action, further gains in the cross look likely in the short-term horizon. That said, the surpass of the YTD high at 132.16 (February 7) should open the door to 132.53 (high November 4) seconded by 132.91 (high October 29) and finally the October 2021 peak at 133.48 (October 20).

In the near term, further upside remains on the table while above the 3-month support line, today around 130.80. In the longer run, and while above the 200-day SMA at 1304645, the outlook for the cross is expected to remain constructive.