EUR/JPY Price Analysis: Further decline remains on the cards

• EUR/JPY struggles for direction in the low-120.00s.
• The breakdown of the 200-day SMA favours extra losses.

EUR/JPY is looking to reverse the recent pullback after hitting monthly tops at 121.15 during last week.

The ongoing leg lower broke below the critical the 200-day SMA in the 120.55/60 band and in doing so has opened the door for the continuation of the move down to, initially, the 2020 lows in the 119.80 zone.

Furthermore, the outlook on the cross is seen negative while below the 200-day SMA, today at 120.55.

EUR/JPY daily chart