EUR/JPY Price Analysis: Extra gains seen retesting the mid-133.00s

• EUR/JPY meets resistance near 133.00 on Friday.
• Immediate hurdle comes at the monthly peaks near 133.50.

Sellers returned to the market and dragged EUR/JPY back to the negative territory on Friday.

The earlier spike met initial hurdle near 133.00 at the end of the week after rebounding from weekly lows in the mid-131.00s. The continuation of the recovery could extend further in the very near term and retest the October high near 133.50 (October 20). This is considered as the last defence for a probable move to the 2021 high past 134.00 the figure (June 1).

In the broader scenario, while above the 200-day SMA at 130.20, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart