EUR/JPY Price Analysis: Next stop at 129.00 and beyond

• EUR/JPY picks up extra pace and approaches 129.00.
• Next on the upside comes in the 129.00 neighbourhood.

EUR/JPY gathers extra steam and clinches fresh 2021 highs in the 128.80 region on Wednesday.

The rally in the cross stays unabated so far and now targets the 129.00 mark initially.

Further up is located the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. If the buying impulse remains strong then the monthly peaks at 130.14 (November 7 2018) could emerge on the horizon.

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.60. This area is also supported by the 55-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.13 the outlook for the cross should remain constructive.

EUR/JPY daily chart