EUR/JPY Price Analysis: Room for extra upside

• EUR/JPY trades closer to YTD peaks around 132.50.
• The next target of note now comes in at the 133.00 mark.

EUR/JPY reverses two pullbacks in a row and returns to the 132.50 region, trading at shouting distance from YTD highs on Wednesday.

If the buying impulse gathers extra pace the cross could attempt a move to the 133.00 neighbourhood ahead of the September 2018 high at 133.13. Further gains remain likely while above the immediate support line (off the March lows) near 130.30. This area is also reinforced by the 50-day SMA.

In the broader picture, while above the 200-day SMA at 126.57 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart