EUR/JPY Price Analysis: Immediately to the downside comes 137.36

• EUR/JPY adds to Tuesday’s retracement and retests the 138.00 zone.
• Further decline could see the September low near 137.30 retested.

EUR/JPY extends the weekly corrective downside to the vicinity of 138.00 the figure on Wednesday.

Considering the ongoing price action, further weakness should not be ruled out, particularly against prospects for further weakness in the euro and the spectre of more FX intervention by the BoJ/MoF.

Against that, a breach of the September low at 137.36 (September 26) could put a visit to the 200-day SMA at 135.71 back on the radar in the short-term horizon.

EUR/JPY daily chart