EUR/JPY Price Analysis: Rally bumped into 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.

Pablo Piovano FXStreet

EUR/JPY’s needle-like upside seems to have met some decent hurdle in the vicinity of 133.50 on Thursday.

In light of the ongoing price action and recent overbought levels, some correction in the cross should be in the pipeline in the short-term horizon. However, the positive outlook allows for the continuation of the uptrend once a corrective move is digested. That said, there are minor hurdle at 133.68 (June 15) and 133.76 (June 10) ahead of the more relevant YTD high at 134.12 recorded on June 1.

In the broader scenario, while above the 200-day SMA at 130.01, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	132.67
Today Daily Change	74
Today Daily Change %	-0.35
Today daily open	133.13

Trends
Daily SMA20	130.47
Daily SMA50	129.79
Daily SMA100	130.44
Daily SMA200	130.02

Levels
Previous Daily High	133.48
Previous Daily Low	132.74
Previous Weekly High	132.78
Previous Weekly Low	129.71
Previous Monthly High	130.74
Previous Monthly Low	127.93
Daily Fibonacci 38.2%	133.2
Daily Fibonacci 61.8%	133.02
Daily Pivot Point S1	132.75
Daily Pivot Point S2	132.37
Daily Pivot Point S3	132.01
Daily Pivot Point R1	133.49
Daily Pivot Point R2	133.86
Daily Pivot Point R3	134.23

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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