EUR/JPY Price Analysis: Scope for a move to 2022 high

• EUR/JPY faces some selling pressure around 131.90.
• Extra gains look on the cards with the target at the YTD peak.

EUR/JPY looks offered after hitting fresh monthly highs in the 131.90 region on Friday.

The cross gathered extra upside traction following the recent breakout of the 200-day SMA (129.98). The surpass of the 131.90 area could likely allow EUR/JPY to attempt an assault of the 2022 top at 133.15  (February 10).

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

EUR/JPY daily chart