• EUR/JPY picks up some upside traction and regains 138.00.
  • The immediate target appears at the 200-day SMA (140.45).

EUR/JPY manages to leave behind four consecutive daily drops and reclaims the area beyond 138.00 the figure on Wednesday.

Despite the daily bounce, the cross still trades under pressure and the door remains open to another probable visit to recent lows in the 137.40/35 band (January 3).

The outlook for EUR/JPY is expected to remain negative while below the 200-day SMA, today at 140.45.

EUR/JPY daily chart

Source: https://www.fxstreet.com/news/eur-jpy-price-analysis-weakness-expected-to-persist-below-the-200-day-sma-202301040945