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EUR/JPY is trying to reach 128.00.
A deeper pullback could extend to 127.00.
EUR/JPY is trading near recent lows at128.00 on Friday.
The selling pressure has accelerated after the cross broke below the 200-day SMA (129.10) as well as the key 2021 line around 129.15 at the end of last week. In the current context, further losses appear well in the pipeline.
A breach of recent lows near 128.00 should pave the way for a probable move to the next support near 127.00, where sits a Fibo level (of the January-June rally).
If the breakdown of the 200-day SMA at 129.04 becomes sustainable, then the outlook for the cross is expected to shift to negative.
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