EUR/JPY Price Analysis: Immediately to the downside comes 139.80/50

• EUR/JPY extends the bearish move to the sub-141.00 region.
• Further downside could revisit the 139.80/50 band in the near term.

EUR/JPY accelerates its losses and breaks below the 141.00 region to print new 2-week lows on Monday.

The continuation of the decline would likely leave the recent peaks in the 144.00 neighbourhood as short-term tops. In case the downside accelerates, there is an interim support at the 139.80/50 band, where the 100- and 55-day SMAs converge.

In the meantime, while above the key 200-day SMA at 136.20, the constructive outlook for the cross should remain unchanged.

EUR/JPY daily chart