EUR/JPY Price Analysis: Immediately to the downside comes 134.44

• EUR/JPY adds to Wednesday’s losses and approaches 135.00.
• Further down comes a Fibo level around 134.40.

EUR/JPY keeps correcting lower following Monday’s fresh cycle highs and trades at shouting distance from the 135.00 neighbourhood.

The underlying upside momentum in the cross remains unchanged, although further retracement should not be ruled out in the very near term. Against that, there is an interim support at a Fibo level (of the March rally) at 134.44 prior to the former 2022 high at 133.15 (February 10).

In the meantime, while above the 200-day SMA at 130.08, the outlook for the cross is expected to remain constructive.