EUR/JPY Price Analysis: A move to the 200-day SMA is shaping up

• EUR/JPY extends the bearish note and breaches the 123.00 mark.
• Interim support aligns at the 100-day SMA at 122.10.

EUR/JPY remains under heavy downside pressure at the beginning of the week and slips back below the 123.00 mark for the first time since mid-July.

The bearish impulse remains well in place and forced the cross to break below the key support region around 122.90. The leg lower now faces a minor support at the 100-day SMA at 122.10 ahead of the critical 200-day SMA, today at 120.85.

Below the 200-day SMA the outlook on the cross is expected to shift to bearish.

EUR/JPY daily chart