EUR/JPY Price Analysis: Further gains lie above 132.50

• EUR/JPY’s weekly recovery falters in the 132.50/60 band.
• Next on the upside comes in 133.00 ahead of YTD highs.

EUR/JPY moves further north of the 132.00 mark on Thursday, advancing for the fourth session in a row.

The recovery looks healthy and now flirts with the 6-month resistance line near 132.60. Above this area, the cross is forecast to accelerate gains to, initially, the 133.00 yardstick ahead of the 2021 highs at 134.12 (recorded on June 1).

In the broader picture, while above the 200-day SMA at 127.71 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart