- At the moment there is no respite for the strong rally of the EUR / JPY.
- The stakes are increasing for a likely visit to the 2021 highs beyond 134.00.
The strong bullish move in EUR / JPY appears to have encountered some initial resistance around the 133.50 level so far this Wednesday.
The strong move to the upside shows no signs of exhaustion so far, although the current overbought condition of the cross could trigger some consolidation or even a corrective move on the near-term horizon. Once it passes, the crossover might be able to resume the uptrend and attempt an assault on the year high at 134.12 recorded on June 1. Previously, there are minor hurdles at 133.68 (June 15 low) and 133.76 (June 10 low).
In the broader scenario, as long as it remains above the 200-day SMA at 129.97, the outlook for the crossover is expected to remain constructive.
EUR / JPY day chart
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