• EUR/JPY the initial uptick to the area above the 132.00 mark.
• Immediately to the upside is seen the 133.50 region.

EUR/JPY’s upside bias seems to have run out of steam soon after hitting new peaks near 132.20 during early trade at the beginning of the week.

In light of the recent price action, further recovery in the cross appears likely in the short-term horizon. Against this, further upside initially targets 132.53 (high November 4) followed by 132.91 (high October 29) and finally the October 2021 peak at 133.48 (October 20).

In the near term, extra upside looks likely above the 3-month support line, today near 130.80. In the longer run, and while above the 200-day SMA at 130.45, the outlook for EUR/JPY is expected to remain constructive.

EUR/JPY daily chart