EUR/JPY Price Analysis: Further downside still on the cards

• EUR/JPY has so far met contention in the 132.90 region.
• Immediately to the downside comes in the 132.50 zone.

EUR/JPY bounces off multi-day lows and retakes the key 133.00 yardstick and beyond on turnaround Tuesday.

If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the weekly lows near 132.50 (May 24). Further south comes in the 131.70/50 region, where coincides the 50-day SMA and the short-term support line.

In the broader picture, while above the 200-day SMA at 127.31 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart