EUR/JPY Price Analysis: Correction lower seen as temporary

• EUR/JPY comes under pressure following new 2021 highs.
• Interim support lines up at the 20-day SMA near 130.50.

EUR/JPY trades on the defensive after hitting new YTD peaks in the 132.35/40 band on Thursday.

Current price action suggests the rally remains healthy in the near-term. That said, the surpass of recent tops should open the door to the 133.00 round level initially and then followed by the September 2018 high at 133.13.

The immediate support line near 129.90 sustains the bullish momentum in the near-term. This area of interim contention is reinforced by the 50-day SMA at 129.75.

In the meantime, while above the 200-day SMA at 126.26 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart