• EUR/JPY comes under some pressure and reverses the recent upside.
• No news on the topside, where the 138.30 region emerges as the next target.

EUR/JPY gives away part of the recent strong advance and revisits the sub-136.00 region on Wednesday.

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 131.11, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart