- EUR / JPY manages to reverse Thursday’s sharp decline.
- The resumption to the upside could lead to a test of this year’s highs.
The rally in EUR / JPY appears to have encountered some decent hurdle around 133.50 on Thursday, prompting a moderate corrective pullback thereafter.
The cross corrected lower afterwards from recent overbought levels. However, the current positive outlook should allow the upward trend to continue in the not so distant future, with minor obstacles at 133.68 (June 15) and 133.76 (June 10) ahead of the most relevant year-on-year maximum at 134.12 recorded on June 1.
In the broader scenario, as long as the cross remains above the 200-day SMA at 130.04, the outlook is expected to remain constructive.
EUR / JPY day chart
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