EUR/JPY Price Analysis: Next on the upside comes in 134.00

• EUR/JPY moves further up to new 2021 highs near 133.50.
• The 134.00 hurdle now emerges as the next level of note.

EUR/JPY keeps pushing higher and records new 2021 highs in the area around 133.50 on Wednesday.

This area coincides with the 2018 high around 133.50. 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 130.60. This area is also reinforced by the 50-day SMA, today at 130.54. That said, the next resistance of note is seen at the 134.00 round level.

However, a potential corrective move should not be ruled out in the near-term, as EUR/JPY has entered the overbought territory, as per the daily RSI (75.18).

In the broader picture, while above the 200-day SMA at 126.76 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart