EUR/JPY Price Analysis: Corrective move in the offing?

EUR/JPY clinches new 2021 highs above 133.00.
Next of note on the upside is the 2018 high near 133.50.

Pablo Piovano FXStreet

EUR/JPY keeps pushing higher and records new 2021 highs in the area above 133.00 the figure on Tuesday.

A sustainable breakout of this level should put the 2018 high around 133.50 back on the radar in the short-term horizon. Further upside should remain in the pipeline as long as the cross remains propped up by the immediate support line (off the March lows) near 130.50. This area is also reinforced by the 50-day SMA, today at 130.54.

However, a potential corrective move could be shaping up as EUR/JPY has entered the overbought territory, as per the daily RSI (71.06).

In the broader picture, while above the 200-day SMA at 126.72 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.09
Today Daily Change	48
Today Daily Change %	0.24
Today daily open	132.77

Trends
Daily SMA20	131.48
Daily SMA50	130.5
Daily SMA100	128.79
Daily SMA200	126.73

Levels
Previous Daily High	132.95
Previous Daily Low	132.51
Previous Weekly High	132.85
Previous Weekly Low	131.65
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	132.78
Daily Fibonacci 61.8%	132.68
Daily Pivot Point S1	132.54
Daily Pivot Point S2	132.3
Daily Pivot Point S3	132.09
Daily Pivot Point R1	132.98
Daily Pivot Point R2	133.19
Daily Pivot Point R3	133.42

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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