- EUR / JPY extends trading in ranges near the highs.
- Above 133.50, the 2021 highs appear.
The EUR / JPY seems to have gone into a consolidation phase around 133.00 for the time being.
Further consolidation appears likely in the very short term, with the next barrier at this year’s peak at 133.43 (May 19 high) before the 2018 high around 133.50. More raises should be within range as long as the cross remains above the immediate support line (from the March lows) near 130.70. This zone is also reinforced by the 50-day SMA, today at 130.72. With that said, the next prominent resistance is seen at the round level of 134.00.
However, a possible short-term corrective move should not be ruled out as the EUR / JPY continues to flirt with overbought levels, according to the daily RSI (68.56).
On the bigger picture, as long as it remains above the 200 day SMA at 126.84, the overall outlook should remain in favor of the euro.
EUR / JPY day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
