Place panko in a frying pan and toast on the stovetop over medium heat until it's turned lightly brown, about 5 minutes. This step is optional and purely for the color. Remove the panko from heat while you prepare the rest of your shrimp.
Score the underside of the shrimp in three places. Then with your hands, gently uncurl the shrimp until it lies in a straight line.
In a bowl or shallow dish, beat the two eggs and flour together until you have a smooth batter.
Bread the shrimp by dredging it in your egg+flour batter and then dipping in your toasted panko, being sure to press the panko firmly into the shrimp.
Preheat your air fryer to 350 degrees.
Place breaded shrimp into air fryer without overlapping any pieces. Spray with oil. Then air fry at 350 degrees for 8 minutes. If your shrimp are very large, you may need an extra minute or two.
Ebi fry goes well with katsu sauce, rice, and cabbage salad, or as a side to curry. About one pound of shrimp can serve 2-3 adults as a main dish or more as a side.