EUR/JPY Price Analysis: Further decline not ruled out

EUR/JPY dropped to fresh lows in the 127.30 region on Wednesday.
Extra losses remain well in the pipeline in the near term.

EUR/JPY attempts some recovery following earlier lows in an area last seen in February 2021 around 127/30.

Further losses in EUR/JPY are thus likely and now target the February 2021 low at 126.10 (February 4) seconded by 125.59 (January 27 2021 low). The loss of the latter should open the door to a visit of the 2021 low at 125.08 (January 18).

In the longer term, the outlook for the cross is seen as negative while below the 200-day SMA, today at 130.28.

EUR/JPY daily chart

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