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.

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