EUR/JPY Price Analysis: Still scope for extra decline
|- EUR/JPY resumes the downside after Monday’s uptick.
- Next on the way south comes the December 2021 lows near 127.50.
Sellers remain well in control of the sentiment surrounding EUR/JPY on turnaround Tuesday.
Price action in the cross keeps pointing to further retracements for the time being. Indeed, EUR/JPY accelerated the losses following the convincing breakdown of the key 200-day SMA (130.50) in past sessions, opening the door to a potential drop to the December 2021 low near 127.50 (December 3).
While below the 200-day SMA, the outlook for the cross is expected to remain negative.
EUR/JPY daily chart
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