Next on the upside comes in 131.08

  • EUR/JPY clinches new tops past the 130.00 yardstick.
  • Further up emerges the next target just above 131.00.

EUR/JPY now navigates new multi-day highs in the 130.50 region on Thursday.

If the buying pressure gathers extra steam, then there is an interim hurdle at the Fibo level at 130.67. A surpass of this level should put the weekly top at 131.08 back on the radar (July 13). Above this area, the selling pressure is expected to subside.

In the meantime, while above the 200-day SMA at 128.56, the outlook for EUR/JPY is expected to remain constructive.

EUR/JPY daily chart


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