EUR/JPY Price Analysis: Initial support emerges around 134.40

• EUR/JPY regains some composure and reverses the recent drop.
• The 134.40 region has so far turned up as a decent contention area.

EUR/JPY regains the smile and leaves behind two consecutive sessions with losses on Friday.

The underlying upside momentum in the cross remains unchanged for the time being. That said, the next hurdle remains at the 2022 high at 137.54 (March 28) prior to a probable visit to the August 2015 peak at 138.99 (August 15) and ahead of the round level at 140.00.

In the meantime, while above the 200-day SMA at 130.09, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart