EUR/JPY Price Analysis: Refreshes four-month high on the way to 133.70 hurdle

• EUR/JPY renews the highest levels since mid-June, eases from multi-day top of late.
• Horizontal line from late May challenges short-term buyers amid overbought RSI conditions.
• Pullback moves may fade around mid 132.00s, comprising 5-DMA.

EUR/JPY prints 0.15% intraday gains despite recently easing from the highest levels since June 16 to 133.25 during early Wednesday.

The cross-currency pair pierced a broad horizontal area from early May during the last week to flag the quote’s further advances toward the fresh multi-day top.

However, overbought RSI conditions and a horizontal line comprising multiple levels marked since May 28 could challenge the EUR/JPY bulls around 133.70.

Should the pair prices remain firm past 133.70, the yearly peak of 134.12, also the highest since February 2018, will be in the spotlight.

On the contrary, pullback moves need to slip beneath the 132.65-50 support area comprising 5-DMA to recall the sellers.

Following that, the mid-July tops near 131.00 and the last month’s peak around 130.70 will be on the EUR/JPY bears’ radars.

EUR/JPY: Daily chart

Trend: Limited upside expected