EUR/JPY Price Analysis: Next target is now at 127.50

  • EUR/JPY clinched fresh yearly highs near 126.80 earlier on Friday.
  • Immediately to the upside now emerges the 127.00 zone.

Quite volatile session for EUR/JPY so far on Friday, managing to print fresh 2020 tops in the 126.75/80 band and to trigger a knee-jerk soon afterwards to the current 125.60 region. This area of new YTD highs coincides with April 2019 peaks.

A clear breakout of this area of multi-month peaks should open the door to a move to the 127.00 neighbourhood and above, where the March 2019 is located (127.50).

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.48.

EUR/JPY weekly chart

 

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