• EUR/JPY keeps the intense rally well and sound on Monday.
  • Further upside could see the Fibo level at 132.79 retested.

EUR/JPY navigates quite a volatile session so far and alternates gains with losses in the mid-132.00s on Monday.

The intense move higher in the cross remains well and sound and points to extra gains in the very near term at least. That said, there is an interim hurdle at the Fibo level at 132.79 ahead of the round level at 133.00 the figure and early-June peaks around 133.70/75.

In the broader scenario, while above the 200-day SMA at 129.91, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

Source