EUR/JPY Price Analysis: Upside bias looks unchanged so far

• EUR/JPY manages to resume the upside after Thursday’s drop.
• The cross faces the next target at 131.60 ahead of 132.17.

EUR/JPY regains upside traction and recovers ground lost after Thursday’s noticeable retracement.

Further gains remain on the cards for the time being if the cross surpasses the so far YTD high at 131.60 (January 5). Once cleared, the next hurdle is seen at the Fibo level (of the October-December drop) at 132.17.

While above the 200-day SMA, today at 130.52, the outlook for EUR/JPY should point to extra gains.

EUR/JPY daily chart