EUR/JPY Price Analysis: Immediately to the upside comes 136.70

• EUR/JPY adds to Thursday’s uptick and retests 135.80.
• Extra recovery should target the weekly high at 136.70.

EUR/JPY picks up further upside traction and revisits the 135.80 region at the end of the week.

The continuation of the ongoing bounce should initially target the weekly high at 136.69 (May 17). Further gains from here are expected to put the May high at 138.31 (May 9) back on the radar ahead of the 2022 peak at 140.00 (April 21).

In the meantime, while above the 200-day SMA at 131.16, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart