• EUR/JPY regains traction and advances above the 200-day SMA.
• Next on the upside comes the YTD high past the 133.00 barrier.

EUR/JPY regains upside traction after two straight sessions closing in the negative territory on Tuesday.

The near-term price action in the cross looks inconclusive for the time being. That said, the upside remains capped by the recent 2022 highs in the 133.10/15 band (February 10), while occasional bearish moves are expected to meet initial contention at the 200-day SMA at 130.45 ahead of the weekly low at 130.04 (February 14).

While above the 2-month support line, today around 128.60, further upside should remain on the table.

EUR/JPY daily chart