EUR/JPY Price Analysis: Next on the upside emerges 127.50

• EUR/JPY adds to recent gains and surpasses 127.00.
• The YTD peaks near 127.50 emerge as the next hurdle.

EUR/JPY adds to the recent upside and manages to reclaim the area beyond the key barrier at 127.00 the figure on Friday.

In light of the recent price action and the firm note in the cross, a visit to the 2021 highs in the 127.50 region looks increasingly likely in the short-term horizon.

Further north comes in the 129.30 zone (November 29/December 13 2018 highs) ahead of the monthly peaks at 130.14 (November 7 2018).

Looking at the broader picture, while above the 200-day SMA at 123.65 the outlook for the cross should remain constructive.

EUR/JPY daily chart