EUR/JPY Price Analysis: Further weakness not ruled out

• EUR/JPY extends the decline to the vicinity of the 154.00 region.
• The loss of the latter exposes the interim 55-day SMA near 151.70.

EUR/JPY accelerates its losses and trades at shouting distance from the 154.00 neighbourhood, or nearly 4-week lows, on Tuesday.

The cross extends further its monthly retracement and threatens to revisit the weekly low at 154.04 (June 20). The breach of this level could open the door to a deeper drop to, initially, the provisional 55-day SMA at 151.66.

The daily RSI around 48 still allows for the continuation of the downward move in the very near term.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 145.69.

EUR/JPY daily chart