EUR/JPY Price Analysis: Next on the upside comes in 131.98

• EUR/JPY clinches new YTD highs around 131.70.
• Further upside now targets the 2018 high near 132.00.

EUR/JPY extends the break above the April’s consolidation and records fresh 2021 tops in the 131.65/70 band on Wednesday.

The cross manages to leave behind the recent rangebound theme and surpasses the 131.00 mark with certain conviction. That said, the next target of note now comes in at the 2018 high at 131.98 (July 17).

In the meantime, while above the 5-month support line near 129.10 further gains remain well on the cards in the near-term.

Looking at the broader picture, the positive stance in EUR/JPY is seen unchanged while above the 200-day SMA, today at 126.18.

EUR/JPY daily chart