- EUR/JPY came under pressure following recent 2021 highs.
- Next on the downside comes in the 50-day SMA at 129.26.
EUR/JPY extends the knee-jerk below the 130.00 level after hitting new YTD peaks just below 131.00 the figure on Tuesday.
Further downside is expected to meet initial and minor contention at the 50-day SMA around 129.30.
A break below the 5-month support line near 128.90 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).
In the meantime, while above the 200-day SMA at 125.96 the broader outlook for the cross should remain constructive.
EUR/JPY daily chart
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