EUR/JPY Price Analysis: Further downside not ruled out

• EUR/JPY adds to Tuesday’s pullback below the 143.00 yardstick.
• The 138.80 region should offer decent support near term.

EUR/JPY extends the corrective downside for the second session in a row and breaches the 143.00 mark on Wednesday.

The ongoing knee-jerk is not surprising considering the bearish divergence in the daily RSI. That said, the continuation of the decline could extend to the 138.80 zone, where the 55- and 100-day SMAs coincide.

In the meantime, while above the 200-day SMA at 135.08, the prospects for the pair should remain constructive.

EUR/JPY daily chart