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Pullback could test the 50-day average near 129.30

  • EUR / JPY came under pressure after hitting new highs for 2021.
  • Next downhill appears the 50-day simple moving average at 129.26.

EUR / JPY extends the reversal below the 130.00 level after hitting new peaks for the current year just below 131 on Tuesday.

Further weakness is expected to find initial and minor containment at the 50-day SMA around 129.30.

A break below the five-month support line near 128.90 should ease the bullish pressure somewhat and allow a move lower to the next target at the end of March lows at the 128.30 / 25 band.

Meanwhile, if it remains above the 200 SMA at 125.96, the overall outlook for the cross should remain constructive.

EUR / JPY day chart

EURJPY

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