EUR/JPY Price Analysis: Further downside still on the cards
|- EUR/JPY has so far met contention in the 132.90 region.
- Immediately to the downside comes in the 132.50 zone.
EUR/JPY bounces off multi-day lows and retakes the key 133.00 yardstick and beyond on turnaround Tuesday.
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 131.70/50 region, where coincides the 50-day SMA and the short-term support line.
In the broader picture, while above the 200-day SMA at 127.31 the broader outlook for the cross should remain constructive.
EUR/JPY daily chart
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