• EUR/JPY adds to the weekly knee-jerk and breaches 156.00.
• Further pullbacks could retest the 154.00 region in the near term.

EUR/JPY extends the weekly bearish note to the sub-156.00 region on Thursday, where some initial support seems to have turned up.

The cross continues to retreat from overbought levels and further decline should not be ruled out for the time being. Against that, the door now appears open for the cross to challenge the weekly low at 154.04 (June 20).

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 145.50.

EUR/JPY daily chart