EUR/JPY Price Analysis: Near-term outlook remains bearish

• EUR/JPY adds to Friday’s downtick and breaches 139.00.
• Further losses appear likely below the 200-day SMA.

EUR/JPY extends the downtrend to fresh lows in the sub-139.00 zone at the beginning of the week.

The cross remains under pressure and the door now seems open to the continuation of the downtrend for the time being. Against that, the immediate contention emerges at the weekly low at 137.91 (January 19) prior to the 2023 low at 137.38 (January 3).

In the meantime, extra losses remain on the cards while the cross trades below the 200-day SMA, today at 141.77.

EUR/JPY daily chart