EUR/JPY Price Analysis: Immediately to the upside comes 137.12

• EUR/JPY resumes the upside following Tuesday’s retracement.
• The surpass of 137.12 should allow a test of the YTD high.

EUR/JPY reclaims ground lost and reverses Tuesday’s pullback midweek.

That said, further upside appears on the cards with the immediate target at the weekly high at 137.12 (April 11). Once cleared, the cross should embark on a probable visit to the 2022 high at 137.54 (March 28).

In the meantime, while above the 200-day SMA at 130.25, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart