- EUR / JPY weakened after rising for two consecutive sessions, but remains above 133.00.
- Then on the upside, the current year’s high appears just after 134.00.
EUR / JPY looks offered and loses some ground on Wednesday after two consecutive daily rallies.
If selling pressure kicks in, then the cross could attempt a deeper pullback initially to monthly lows near 132.60 (June 11 low). Further down is the 132.04 / 131.84 band, where the 50-day moving average and the short-term support line coincide.
If the raises pick up pace, then the cross could attempt to move toward this year’s peak past 134.00 before the September / October 2017 highs at 134.40 / 50.
In a broader perspective, as long as EUR / JPY remains above the 200-day SMA at 127.53, the outlook should remain constructive.
EUR / JPY day chart
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