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EUR/JPY Price Analysis: Still room for a test of 2021 highs

  • EUR/JPY manages to reverse Thursday’s strong pullback.
  • The resumption of the upside could well see the YTD high retested.

EUR/JPY’s needle-like upside seems to have met some decent hurdle in the vicinity of 133.50 on Thursday, sparking quite a moderate corrective downside afterwards.

The cross corrected lower following recent overbought levels. However, the current positive outlook should allow for the continuation of the uptrend in the not-so-distant future, with minor hurdles 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 130.04, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

 

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