EUR/JPY Price Analysis: Further decline could test the 122.90 region

• EUR/JPY extends the bearish note and breaches 124.00.
• Further south emerges the key contention area around 122.90.

EUR/JPY remains under heavy pressure and is now flirting with the 3-month support line in the 123.60 zone.

The bearish impulse is gathering extra steam and a break below this support line should expose a test of the major contention area around 122.90, where coincide the January peaks and the late-July lows.

The positive stance on EUR/JPY is forecasted to remain unaltered as long as the 200-day SMA, today at 120.83, holds the downside.

EUR/JPY daily chart