EUR/JPY Price Analysis: Pullback could test the 50-day SMA near 129.30

• EUR/JPY came under pressure following recent 2021 highs.
• Next on the downside comes in the 50-day SMA at 129.26.

EUR/JPY extends the knee-jerk below the 130.00 level after hitting new YTD peaks just below 131.00 the figure on Tuesday.

Further downside is expected to meet initial and minor contention at the 50-day SMA around 129.30.

A break below the 5-month support line near 128.90 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).

In the meantime, while above the 200-day SMA at 125.96 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart