EUR/JPY Price Analysis: Further upside remains in the pipeline

• EUR/JPY extends the rebound to the boundaries of 125.00.
• Further north comes in the early-September top near 126.50.

EUR/JPY manages to gain extra pace and flirts with the 125.00 neighbourhood on Friday, clinching at the same time fresh 3-week highs and trading at shouting distance from the 200-week SMA near 125.20.

The cross needs to leave behind this zone on a convincing fashion and preferably in the near-term to allow for the continuation of the recovery to, initially, the mid-September peaks near 126.50.

Above the 200-day SMA, today at 121.00, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart