EUR/JPY Price Analysis: Recovery could attempt a move to 133.50
|- The sharp move higher in EUR/JPY meets resistance near 133.50.
- Bets for a near-term test of 2021 high remain well in place.
EUR/JPY seems to have regained some upside traction and so far reverses three consecutive daily pullbacks on Tuesday.
The rebound from the sub-132.00 levels (October 25) now looks to revisit the next hurdle at the Fibo level at 132.79 ahead of the monthly peak around 133.50 (October 22). Further up, there are minor hurdles at 133.68 (June 15) and 133.76 (June 10) prior to the more relevant YTD high at 134.12 (June 1).
In the broader scenario, while above the 200-day SMA at 130.11, the outlook for the cross is expected to remain constructive.
EUR/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.