EUR/JPY Price Analysis: Door open for a test of 133.00

• EUR/JPY extends the upside to 132.50, new YTD highs..
• The next target of note now comes in at the 133.00 mark.

EUR/JPY adds to the strong recovery and manages to break above the key 132.00 barrier and record new 2021 highs in the 132.50/55 band on Monday.

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 126.50 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart