EURJPY is holding above the bullish crossover within the 20- and 40-day simple moving averages (SMAs) but the current momentum is negative. The RSI indicator is pointing downwards around the neutral threshold of 50; however, the stochastic oscillator is approaching the overbought territory, showing some signs for more increases.
If the market manages to pick up speed, the 138.00 psychological number could offer nearby resistance ahead of the almost seven-year high of 140.00. A significant close above the latter would break the June 2015 peak of 141.00, raising chances for further gains.
Should prices decline, immediate support could be found around the 133.90 barrier before resting near the 131.90-132.60 zone. Then a leg below that level, the pair could meet the 200-day SMA currently at 131.25.
Summarizing, EURJPY has been in a bearish correction mode since April 21. If the price surpasses the previous top of 140.00 it would endorse the long-term bullish outlook.
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