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.

Pablo Piovano FXStreet

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

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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