EUR/JPY Price Analysis: Further downside targets 122.40

• EUR/JPY’s bearish momentum persists around 123.00 on Thursday.
• Immediately to the downside appears September’s lows near 122.40.

EUR/JPY alternates gains with losses around the 123.00 neighbourhood after the initial drop to weekly lows in the 122.85/80 band.

In the meantime, odds for a move lower remain well on the cards with the next support of note at the September’s lows in the 122.40 zone. If breached, then a re-visit to the so far monthly lows in the 121.60 region should not be ruled out in the short-term horizon.

The downside pressure is expected to accelerate if EUR/JPY breaks below the latter, exposing the key 200-day SMA, today at 121.35.

EUR/JPY daily chart