EUR/JPY Price Analysis: Still room for extra losses near term

• EUR/JPY rebounds from earlier monthly lows near 146.00.
• Extra losses should not be ruled out of the time being.

EUR/JPY so far reverses three consecutive daily pullbacks and reclaims the area above the 147.00 mark on Friday.

The monthly leg lower looks unchallenged so far. Against that, the cross could now put the May low of 146.13 (May 11) to the test prior to the provisional 55-day SMA at 145.29.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 143.00.

EUR/JPY daily chart