EUR/JPY Price Analysis: Rising odds for a test of the 200-day SMA

• EUR/JPY continues to lose ground and puts the 120.00 mark to the test.
• Immediately to the downside emerges the next support in the mid-119.00s.

Following a failed attempt to surpass the 121.00 mark earlier in the week, EUR/JPY has come under renewed selling pressure and is now threatening to breach the 120.00 mark.

If sellers manage to break below this area, the focus of attention is then expected to turn to the 200-day SMA in the 119.50 region.

On the broader outlook, below the 200-day SMA at 119.55, the outlook on the cross is seen shifting to negative.

EUR/JPY daily chart