EUR/JPY Price Analysis: Next major support comes in at 131.00

• EUR/JPY extends the drop to new 5-week lows near 132.00.
• Further south is located the next support at the 131.00 zone.

EUR/JPY accelerates the downside to fresh multi-week lows in the proximity of the 132.00 yardstick on Thursday.

The cross flirts with the initial contention area around 132.00, where also coincides the 50-day SMA and the short-term line. A loss of this area could spark further losses to the 131.00 region.

In the broader picture, while above the 200-day SMA at 127.56 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart