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  • EUR/JPY fades two daily advances in a row but stays above 133.00.
  • Next on the upside emerges the YTD top just past 134.00.

EUR/JPY looks offered and sheds some ground following two consecutive daily upticks on Wednesday.

If the selling pressure kicks in, then the cross could attempt a deeper pullback to, initially, the monthly lows near 132.60 (June 11). Further south comes in the 132.04/131.84 band, where coincides the 50-day SMA and the short-term support line.

If the recovery regains serious traction, then the cross could attempt a move to the YTD peak beyond 134.00 the figure ahead of the September/October 2017 highs in the 134.40/50.

In the broader picture, while above the 200-day SMA at 127.53 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart