• EUR/JPY’s recovery falters just below 131.00 the figure on Monday.
• The surpass of 131.00 should open the door to further upside.

EUR/JPY extends the rally to the boundaries of the 131.00 mark at the beginning of the week.

The cross moves further north of the 200-day SMA, 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 129.78, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart