EUR/JPY Price Analysis: Extra upside on the cards above 134.50

• EUR/JPY falters once again around the 136.70 region.
• Extra gains look likely while above the 134.50 zone.

EUR/JPY corrects lower after failing once again to extend the recovery further north of the 136.70 area on Friday.

The succession of higher lows since mid-May leaves the prospects for further upside well on the table for the time being. That said, while above the 2-month support line near 134.50, further upside appears likely with the next target at recent peaks in the 136.80 region ahead of the May high at 138.31 (May 9).

In the meantime, while above the 200-day SMA at 131.36, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart