EURJPY continues higher, but for how long?

The 133.26 161% Fibonacci extension is coming into view as the EURJPY continues higher, breaking out of the previous wedge from last month. Risks may be looming for the longs near term as the RSI has reached overbought, and whenever this has happened in the last few months it has lead to a near term pullback. While above the 50dma and the 131.00 levels hold as support, long term traders shouldn’t worry. However, near term, we could be in for a pullback towards the 131.65 level which is last week’s lows, or previous wedge resistance.