- The strong bullish movement of the EUR / JPY met with stiff resistance near 133.50.
- The stakes for a short-term test at the 2021 high remain high.
The EUR / JPY advance appears to have encountered some decent hurdle around 133.50 on Thursday.
In light of current price action and recent overbought levels, some correction to the crossover should be underway on the near-term horizon. However, the positive outlook allows the uptrend to continue once the corrective move is digested. That said, there are minor hurdles at 133.68 (June 15 high) and 133.76 (June 10 high) ahead of the most relevant year-on-year high at 134.12 recorded on June 1.
In the broader scenario, as long as EUR / JPY remains above the 200-day SMA at 130.01, the outlook for the crossover is expected to remain constructive.
EUR / JPY day chart
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