EUR/JPY Price Analysis: A test of YTD highs looms closer

There is no respite for the strong rally in EUR/JPY for the time being.
Bets are rising on a probable visit to the 2021 highs past 134.00 near term.

Pablo Piovano FXStreet

The intense move higher in EUR/JPY seems to have met some initial resistance around the 133.50 level so far on Wednesday.

The sharp move higher shows no signs of exhaustion so far, although the current overbought condition of the cross could trigger some consolidation or even a corrective move in the short-term horizon. Once digested one or the other, the cross should be able to resume the uptrend and attempt an assault to the YTD high at 134.12 recorded on June 1. Previously, there are minor hurdles at 133.68 (June 15) and 133.76 (June 10).

In the broader scenario, while above the 200-day SMA at 129.97, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.13
Today Daily Change	61
Today Daily Change %	0.05
Today daily open	133.06

Trends
Daily SMA20	130.23
Daily SMA50	129.72
Daily SMA100	130.45
Daily SMA200	129.99

Levels
Previous Daily High	133.19
Previous Daily Low	132.62
Previous Weekly High	132.78
Previous Weekly Low	129.71
Previous Monthly High	130.74
Previous Monthly Low	127.93
Daily Fibonacci 38.2%	132.97
Daily Fibonacci 61.8%	132.84
Daily Pivot Point S1	132.73
Daily Pivot Point S2	132.39
Daily Pivot Point S3	132.16
Daily Pivot Point R1	133.29
Daily Pivot Point R2	133.53
Daily Pivot Point R3	133.86

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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