EUR/JPY Price Analysis: On the way to weekly resistance line around 133.00

• EUR/JPY keeps bounce off one-week-old horizontal support, picks up bids of late.
• Strong RSI, sustained trading above 200-HMA favor buyers.

EUR/JPY reverses the early Asian losses while picking up bids around 132.80 during Tuesday. In doing so, the quote remains above a horizontal area comprising multiple tops marked since May 10, as well as 200-HMA, amid upbeat RSI conditions.

As a result, EUR/JPY bulls are up for another battle with a short-term resistance line near the 133.00 threshold to refresh the 32-month top flashed the previous day.

However, highs marked during September and April 2018, respectively around 133.15 and 133.45, could test the pair’s further upside.

Alternatively, a downside break of the nearby horizontal support close to 132.50 will drag the quote to a 200-HMA level of 132.15.

Should EUR/JPY sellers sneak in below 132.15, last week’s low near 131.65 should be in the spotlight.

EUR/JPY hourly chart

Trend: Bullish