- EUR/JPY gives back part of Monday’s advance towards fresh cycle highs.
- Overbought conditions could trigger a corrective move.
EUR/JPY is trading unclearly around 144.50 on Tuesday.
Additional gains in the cross look well favored at the moment. The next target, however, is not expected to emerge until the 2014 high of 149.78 (8 Dec). However, it should be noted that the cross remains within the overbought territory and suggests the probability of a technical correction in the short term.
Meanwhile, the constructive outlook on the cross remains unchanged as it stands above the 200 SMA today at 135.01.
EUR/JPY day chart
Source: Fx Street
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