EUR/JPY Price Analysis: Room for extra gains above 131.00

• EUR/JPY reverses Monday’s blues and records new YTD highs.
• Extra gains remain on the table once 131.00 is cleared.

EUR/JPY manages to reverse the pessimism seen at the beginning of the week and clinched fresh yearly highs in levels just shy of the 131.00 yardstick earlier in the European session on turnaround Tuesday

Further upside now appears likely if the break above the recent consolidative theme is confirmed in the short-term, with the next target now emerging at the 2018 high at 131.98 (July 17).

While above the 5-month support line near 128.80, extra gains should remain on the table.

In the meantime, while above the 200-day SMA at 125.92 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart