EUR/JPY Price Analysis: Further upside now targets 131.00 and above

• EUR/JPY remains firm and advances well past 130.00.
• Immediately to the upside comes in the 131.00 area.

The recovery in EUR/JPY looks well and sound for yet another session and now manages to reclaim the psychological 130.00 yardstick and beyond on Wednesday.

The cross now challenges the initial resistance zone in the mid-130.00s, while the continuation of the move allows for a test of the minor hurdle at the Fibo level (of the January-June rally) at 130.67 ahead of 131.08 (high July 13).

Above the 200-day SMA (129.28), the outlook for EUR/JPY is seen as constructive.

EUR/JPY daily chart