• EUR / JPY extends weakness well below the 133.00 level.
• The 132.50 level emerges as the next support area.

The EUR/JPY builds up more selling pressure and tests the initial support zone around the 133.00 / 132.90 zone on Friday.

If the selling pressure picks up, then the cross could attempt a deeper pullback to, initially, the weekly lows near 132.50 (May 24). Further south is the 131.88 / 64 zone, where the 50-day SMA and the short-term support line coincide.

On the broader picture, while above the 200-day SMA at 127.41, the broader outlook for the cross should remain constructive.

Daily chart

Technical levels