- EUR/JPY remains under pressure around 129.00.
- The next level of downside consideration emerges at the 2022 low at 127.90.
EUR/JPY extends the weekly decline and returns to the 128.70 region, where initial support has emerged for now.
Further declines in EUR/JPY remain well underway in light of recent price action and following the risk-off scenario. That said, a deeper pullback could lead to a revisit initially 2022 low at 127.91 (Feb 24), followed by Dec 2021 low at 127.50 area.
Further lows in the cross look likely to continue below the two-month line near 128.90. In the longer term, the outlook for the euro against the yen is seen as negative as long as it remains below the 200-day simple moving average today at 130.34.
EUR/JPY day chart
Source: Fx Street
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