• EUR/JPY drops for the third session in a row and breaches 147.00.
• The continuation of the leg lower initially targets the 146.30 region.

EUR/JPY loses the grip and breaks below the 147.00 support to print new monthly lows on Thursday.

It seems the bullish outlook in place since late March now appears dented. Against that, the cross could now challenge the weekly low of 146.28 (April 25) ahead of the interim 55-day SMA at 145.24.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.96.

EUR/JPY daily chart