- The EUR / JPY recorded new highs for 2021 just above 134.00.
- The next barrier to the upside emerges at 134.40 / 50.
EUR / JPY corrected lower after reaching new highs for this year in the area just above 134.00.
However, the downward correction tone could gain more momentum in the very short term as the cross flirts with overbought levels, according to the RSI for the day (69.24).
If buyers regain the upper hand, the EUR / JPY could try to visit the September / October 2017 highs at the 134.40 / 50 band. Further gains are likely as long as the cross remains supported by the immediate support line (from the March lows) above 131.00. This zone is also reinforced by the proximity to the 50-day SMA (131.14).
In a broader perspective, as long as it remains above the 200-day SMA at 127.06, the cross should remain bullish.
EUR / JPY day chart
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