EUR/JPY Price Analysis: Next on the downside comes in the 200-day SMA

• EUR/JPY extends the bearish move to sub-130.00 levels.
• Below 129.50 the focus of attention is on the 200-day SMA.

EUR/JPY extends the weekly downtrend for yet another session and breaches the psychological support at 130.00 the figure.

The loss of monthly lows in the mid-129.00s could open the door to an acceleration of the downside to, initially, the minor support at the Fibo level at 128.54 ahead of the critical 200-day SMA, today at 128.28. This zone coincides with monthly lows recorded in March.

Looking at the broader picture, further losses carry the potential to put the constructive outlook to the test. This remains unchanged while above the 200-day SMA so far.

EUR/JPY daiy chart