EUR/JPY Price Analysis: Decent support emerged near 132.50

• EUR/JPY reverses the recent weakness near the 132.50 level.
• The recovery targets the 2021 highs above 134.00.

EUR/JPY manages to regain some upside traction following two consecutive daily pullbacks on Monday.

Following a decent contention in the 132.50 region, the ongoing bullish attempt could extend further, with are no relevant hurdles until de YTD highs past 134.00 the figure.

Further north comes in the September/October 2017 highs in the 134.40/50. Further gains appear likely as long as the cross remains underpinned by the immediate support line (off the March lows) near 131.70. This area is also reinforced by the proximity of the 50-day SMA (131.93).

In the broader picture, while above the 200-day SMA at 127.45 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart