EUR/JPY Price Analysis: Next on the upside comes 131.75

• EUR/JPY’s sharp recovery surpasses the 131.00 mark on Wednesday.
• Further up comes the Fibo level at 131.75 ahead of 132.00.

EUR/JPY keeps pushing higher and now breaks above the key 131.00 barrier midweek.

The cross remains underpinned by the recent breakout of the key 200-day SMA and now shifts the attention to the next hurdle at 131.75, where a Fibo level of the June-August drop sits. The continuation of the move should target the round level at 132.00 the figure ahead of another Fibo level at 132.79.

In the broader scenario, while above the 200-day SMA at 129.83, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart