Corrective downside could see 137.80 retested

  • EUR/JPY drops further and breaches 141.00 to multi-session lows.
  • Next on the downside comes the June low at 137.86 (June 15).

EUR/JPY comes under further selling pressure and prints new 2-week lows in the sub-141.00 region on Friday.

Despite the ongoing correction, the bullish bias in the cross remains well in place as long as the support line around 138.70 holds the downside. This area of ​​contention is currently reinforced by the 55-day SMA.

The current bearish move, however, carries the potential to revisit the June low at 137.86 recorded on June 15, where it is expected to hold the downside.

EUR/JPY daily chart

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