- EUR / JPY appears to be consolidating above 133.00.
- The next hurdle to the upside emerges at 134.00.
The EUR / JPY seems to have moved into a consolidation phase after setting new highs for this year then around 133.60.
An extension of range trading appears likely in the very short term before the continuation of the uptrend, with intermediate resistance around the 134.00 area.
More rises should remain within the possibilities as long as the cross remains buttressed by the immediate support line (from the March lows) near 131.00. This area is also reinforced by the proximity of the 50-day SMA.
In a broader scenario, as long as EUR / JPY remains above the 200 SMA at 126.98, the outlook should remain constructive.
EUR / JPY day chart
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