• EUR/JPY extends the recovery further north of 131.00.
• The next target is located at the Fibo level at 131.75.

EUR/JPY pushes higher and surpasses the 131.00 mark, reaching fresh 3-month peaks at the same time on Tuesday.

The cross keeps the recent breakout of the 200-day SMA well and sound, allowing for extra gains in the very near term. That said, there is an interim hurdle at 131.75, where another Fibo level sits ahead of 132.69 (high June 23).

In the broader scenario, while above the 200-day SMA at 129.81, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart