There are still chances of more raises

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  • EUR / JPY hit new 2021 highs in the 133.60 / 65 band.
  • The next hurdle to the upside arises at the 134.00 barrier.

The EUR / JPY keeps the rally strong and manages to keep the trade at the upper end of the range beyond 133.00.

A continuation of the uptrend appears likely in the very short term, with intermediate resistance around the 134.00 area. Higher upside potential should remain on the charts, as long as the cross remains buttressed by the immediate support line (from March lows) near 130.90. This area is also reinforced by the proximity of the 50-day SMA.

However, a possible very short-term corrective move should not be ruled out, as the EUR / JPY navigates the overbought territory, based on the RSI for the day, at 70.24.

In a broader perspective, as long as EUR / JPY remains above the 200 SMA at 126.94 the overall tone should remain constructive.

EUR / JPY day chart

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