EUR/JPY Price Analysis: Rising odds for a test of 116.00 (and below)

• EUR/JPY is accelerating the downside on the back of JPY-buying.
• The cross now faces increasing bets of a move to YTD lows near 116.00.

EUR/JPY is extending the weekly correction lower, breaching the 117.00 key support and opening the door for extra downside in the very near-term.

The resumption of the demand for the yen and the offered bias in the European currency are keeping the cross under exacerbated downside pressure.

Against this backdrop, another visit to 2020 lows in the 116.00 neighbourhood does look increasingly likely in the (very) short-term horizon.

EUR/JPY daily chart