EUR/JPY Price Analysis: Next on the upside now emerges 134.12

• EUR/JPY comes under pressure after new highs near 134.00.
• Further upside now targets the 2021 peak at 134.12.

EUR/JPY fails to extend the rally further north of the 134.00 barrier on Wednesday, sparking a corrective downside soon afterwards.

The cross has quickly left behind the previous YTD high beyond 133.00 the figure (March 10), although the subsequent bullish attempt faltered just ahead of the 134.00 mark. The door therefore remains open to a potential visit to the 2021 top at 134.12 (June 1).

In the meantime, while above the 200-day SMA (129.97), the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart