- EUR/JPY is under some pressure and reverses the recent rise.
- No news at the top, where the 138.30 region emerges as the next target.
EUR/JPY gives back some of the recent strong advance and revisits levels below 136.00 on Wednesday.
If the recovery accelerates, the cross could see bearish pressure to close above the May high of 138.31 (May 9) mitigated. 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 131.11, the outlook for the cross is expected to remain constructive.
EUR/JPY day chart
Source: Fx Street
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