• EUR/JPY extends the rally and records new 2022 peaks.
• The next target of note aligns at the October 2021 high near 133.50.

EUR/JPY is contentedly maintaining its February rally and has advanced to fresh peaks near 132.60 on Thursday.

Considering the recent price action, further gains in the cross seem likely over the short-term horizon. That said, there is a minor hurdle at 132.91 (high October 29), which is considered as the last defence for a test of the October 2021 peak at 133.48 (October 20).

In the near term, further upside remains on the table while above the 3-month support line, today near 130.80. In the longer run, and while above the 200-day SMA at 130.46, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart