EUR/JPY Technical Analysis: Rising odds for a test of 114.85 in the next weeks

• EUR/JPY continues to navigate the area of yearly lows in the mid-117.00s, always on the back of increasing demand for the safe haven JPY.
• Looking at the broader picture, the negative stance on the cross is expected to remain unchanged while below the 121.17/35 band, where coincide the short-term resistance line and the 55-day SMA. Above this area the downside pressure should mitigate somewhat.
• If the selling impetus picks up extra pace, the next relevant support aligns at 2017 low at 114.85.

EUR/JPY daily chart