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EUR/JPY Price Analysis: Upside now targets the 126.80 region

  • EUR/JPY recorded fresh 2020 highs in the 124.40 region.
  • Focus has now shifted to April 2019 highs around 126.80.

EUR/JPY’s rally keeps its march unabated for yet another session on Friday, managing to clinch fresh yearly tops in the 124.40/45 band, although shedding some ground afterwards.

The bullish stance remains unchanged around the cross so far and it could now attempt to visit the April 2019 highs in the 126.80 area.

While above the 200-day SMA at 119.37, the outlook on the cross is seen as positive. This view is reinforced as well as EUR/JPY keeps business above the 5-month support line, also in the 119.30 zone.

EUR/JPY daily chart

 

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