EUR/JPY was surging ahead past the 2-year highs and was seen trading at 125.40 earlier, clinching its fourth continuous session gains.
Its price action indicated strength through the 125 mark and on progress to 125.40 levels. It was in May 2019 the pair last touched this price.
The market sentiments indicate further upside for the pair, as a risk-on mood is now in play. In this backdrop, the next target for EUR/JPY is at mid-127.00s – the March 2019 high.
The pair will enjoy a bullish outlook as long as it stays above the 200-day SMA at 120.05.