- EUR/JPY smiles again after Thursday’s sharp drop.
- Further gains above the May high near 138.30 are likely.
After Thursday’s deep drop, EUR/JPY appears to have found some decent support near 132.60 for now.
If the recovery accelerates, the cross could see bearish pressures mitigated after a close above the May high of 138.31 (May 9). Breaking out of the latter should put a possible visit to the 2022 high at 140.00 (April 21) back on the radar.
Meanwhile, if it remains above the 200-day SMA at 131.02, the outlook for the cross is expected to remain constructive.
EUR/JPY day chart
Source: Fx Street
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