- The strong bullish movement of the EUR / JPY finds resistance near 133.50.
- The bets for a short-term test at the 2021 high are still there.
The EUR / JPY appears to have regained some traction to the upside and is now rising after three consecutive daily pullbacks on Tuesday.
The bounce from levels below 132.00 is now looking to revisit the next obstacle at the Fibonacci level at 132.79 before the monthly peak around 133.50 (October 22 high). In addition, there are minor obstacles at 133.68 (June 15) and 133.76 (June 10) before the most relevant current year high at 134.12 (June 1).
In the broader scenario, as long as it remains above the 200-day SMA at 130.11, the outlook for the crossover is expected to remain constructive.
EUR / JPY day chart
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