• EUR/JPY adds to the ongoing bearish leg around 137.00.
• Bullish attempts initially target the 138.30 region.

EUR/JPY extends the weekly decline for the third session in a row and breaks below the 137.00 mark on Wednesday.

The cross, in the meantime, keeps trading within the consolidative theme in place since the beginning of the month. The breakout of this pattern should leave behind the weekly high at 138.31 (high May 9) to allow for a potential visit to the round level at 139.00 ahead of the 2022 high around 140.00 (April 21).

In the meantime, while above the 200-day SMA at 130.98, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart