- EUR / JPY weekly price action is at resistance near 132.70.
- More rises are expected to lead to a test at 133.00 before this year’s highs.
The EUR/JPY It went into a consolidation phase, and the rises are still contained by the 20-day SMA around 132.70 / 80.
The recovery appears stagnant, however, and the cross needs to clear this resistance area ideally in the near term to allow for further rallies. Against this, the next hurdle comes in the 133.00 zone ahead of the 2021 highs at 134.12 (recorded on June 1).
The RSI during the day is sailing near the 50 level, supporting the prospect of more sideways rallies in the short term.
On the bigger picture, as long as the cross remains above the 200-day SMA at 127.76, the outlook should remain constructive.
EUR / JPY day chart
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