EUR/JPY Price Analysis: Further consolidation not ruled out

• EUR/JPY meets some selling pressure after two daily advances.
• Initial contention emerges at monthly lows near 132.90.

EUR/JPY fades two consecutive daily advances and now looks offered in the low-133.00s.

If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the monthly lows near 132.90 (June 7). Further south comes in the 132.83/57 band, where converges the 50-day SMA and the short-term support line (off March lows).

In the broader picture, while above the 200-day SMA at 127.38 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart