EUR/JPY Price Analysis: Next on the downside comes in 132.50

• EUR/JPY extends the weakness well below the 133.00 level.
• The mid-132.00s emerge as the next area of contention.

EUR/JPY gathers further selling pressure and already tests the initial support zone around the 133.00/132.90 band on Friday.

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 131.88/64 band, where coincides the 50-day SMA and the short-term support line.

In the broader picture, while above the 200-day SMA at 127.41 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart