EUR/JPY Price Analysis: Extra gains seen above 126.50

• EUR/JPY’s upside momentum falters once again near 126.50.
• Next on the upside comes in the 2021 highs in the 127.50 zone.

EUR/JPY gives away part of Friday’s gains and meets support in the 126.00 neighbourhood so far.

If the buying pressure morphs into a serious recovery, then extra gains to the YTD highs around 127.50 should return to the radar in the near-term once 126.50 is cleared.

Looking at the broader picture, while above the 200-day SMA at 122.93 the outlook for the cross should remain constructive.

EUR/JPY daily chart