If Italy does not screw up in Greece and turn it into a major problem, sure.
If Italy does screw up in Greece, well...soon after the beginning of the war there, Yugoslavia was faced with rapidly increasing pressure to sign the Tripartite Pact. Prince Paul and other negotiators from the Yugoslav government had managed to modify the terms of Yugoslavia's agreement with the Axis to a de facto declaration of friendly neutrality (no Yugoslav armies in the Axis war effort, no passage of foreign armies over Yugoslav soil), but Yugoslavia was still required to nominally join the Axis nations. This agreement, signed on March 25, 1941, was probably the closest thing to neutrality possible after Italy's blunder. It would allow Yugoslavia to lay low for most of the war and declare war on the Axis at the first opportunity (after all, Italy, Romania and Bulgaria could), but I don't think this can be called true neutrality, since Yugoslavia would still be a nominally Axis nation until 1943 or 1944.
To keep this state of affairs, the 27th of March coup would need to either be crushed or fall apart in the planning phase.