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EUR/JPY appears firmer near 133.50, new 2021 highs
The upbeat note in US yields put the Japanese currency under downside pressure and favors the continuation of the upside momentum in EUR/JPY to new highs around 133.50 on Wednesday.
EUR/JPY adds to Tuesday's advance and keeps the rally well and sound for yet another session, this time leaving behind the key barrier at 133.00 the figure, levels last seen in April 2018
From a theoretical perspective, EUR/JPY exchange rate continues to follow the rising wedge pattern. It is likely that the currency pair could re-test the lower pattern ascending support line around 131.00 psychological round figure mark. If the given pattern holds, a back up could occur.
The development of MACD indicator (bearish divergence ) hints at swelling downside momentum.If price fails to break above 133.00 round figure mark , we will see decline towards next support at 132.10.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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