EUR/JPY Price Analysis: Downside pressure seen alleviated above 138.30

Market news

13 May 2022

EUR/JPY Price Analysis: Downside pressure seen alleviated above 138.30

EUR/JPY regains the smile following Thursday’s sharp drop.
Extra gains are likely above the May high near 138.30.

Following Thursday’s deep sell-off, EUR/JPY seems to have met some decent contention near 132.60 for the time being.

If the recovery picks extra pace, then the cross could see the downside mitigated on a close above the May peak at 138.31 (May 9). The surpass 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 131.02, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

Currencies. Daily history for Friday, May 13, 2022

Commodities. Daily history for Thursday, May 12, 2022

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