FX.co ★ EUR/JPY Price Analysis for 2nd March, 2021

• EUR/JPY's weekly range appears supported in the 128.30/20 band so far.
• Immediately to the upside emerges the YTD high near 130.00.

EUR/JPY adds to Monday's small gains and edge slightly higher, although still capped by the 129.00 neighbourhood so far this week. The Eurozone single currency has declined by 54 pips or 0.42% against the Japanese Yen since yesterday's trading session.

Currently, the exchange rate is trading above an ascending trendline. If bulls regain control of the sentiment, then the next target will emerge at the 2021 highs just below 130.00 (February 25). Further north of this area comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17). Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line which coincides with fibonacci 61.8% retracement.

If the breakout occurs, a decline towards the weekly support level at 127.38 within this session.However, if the channel pattern holds, buyers are expected to pressure the currency exchange rate higher during the following trading session.