- EUR / JPY loses steam after peaking at the 133.70 area.
- Then, to the upside, the top of this year appears just above 134.00.
The EUR / JPY received further selling pressure and is already testing the initial support zone around the 133.00 / 132.90 band.
If the recovery regains command, then the cross could attempt to move toward this year’s peak past 134.00 before September / October 2017 highs at 134.40 / 50. Further gains are likely as long as the cross remains buttressed by the immediate support line (from March lows) near 131.80. This area is also reinforced by the proximity of the 50-day SMA around 132.00.
In the bigger picture, as long as EUR / JPY remains above the 200-day SMA at 127.49, the outlook should remain constructive.
EUR / JPY day chart
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