EUR/JPY Price Analysis: Next on the upside comes 132.50

• EUR/JPY adds to Tuesday’s gains and approaches the YTD peak.
• Further upside now targets the mid-132.00s near term.

EUR/JPY extends the upside momentum further north of the 132.00 mark midweek, advancing for the second session in a row at the same time.

In light of the recent price action, further gains in the cross look likely in the short-term horizon. That said, the surpass of the YTD high at 132.16 (February 7) should open the door to 132.53 (high November 4) seconded by 132.91 (high October 29) and finally 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