EUR/JPY Price Analysis: Next stop higher 138.30
|- EUR/JPY comes under some pressure and reverses the recent upside.
- No news on the topside, where the 138.30 region emerges as the next target.
EUR/JPY retains its upsid bias but gives away part of the recent strong advance and revisits the sub-136.00 region on Wednesday.
If the recovery picks pace again, the cross could see downside mitigated on a close above the May peak at 138.31 (May 9). The surpassing of the latter should put a potential visit to the 2022 high at 140.00 (April 21) back on the radar.
In the meantime, while above the 200-day SMA at 131.11, the outlook for the cross is expected to remain constructive.
EUR/JPY daily chart
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