EUR/JPY Price Analysis: Corrective downside could re-test 132.50
|- EUR/JPY eases further ground to the 133.30 region.
- Next on the downside appears the 132.50 zone.
EUR/JPY drops to new multi-day lows in the 133.30 region at the end of the week.
If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the weekly lows near 132.50 (May 24). Further south comes in the 131.50 region, where coincides the 50-day SMA and the short-term support line. A move to the latter, however, remains out of favour for the time being.
In the broader picture, while above the 200-day SMA at 127.23 the broader outlook for the cross should remain constructive.
EUR/JPY daily chart
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