EUR/JPY Technical Analysis: Further downside remains on the cards

• EUR/JPY stays under pressure so far this week despite the rebound from recent lows in the 120.80/75 band.
• While below the short-term support line at 122.47 the cross is expected to resume the downside and attempt a visit to YTD lows in the sub-119.00 region, ‘flash crash’ recorded in the very first sessions of the year.
• This area of resistance is reinforced by the 21-day SMA, today at 122.50.

EUR/JPY daily chart