• EUR/JPY remains well under pressure around 129.00.
• Next on the downside emerges the 2022 low at 127.90.

EUR/JPY extends the weekly bearishness and revisits the 128.70 region, where some initial contention has emerged so far.

Further losses in EUR/JPY remains well in the pipeline in light of the recent price action and following the risk aversion scenario. That said, a deeper pullback could initially visit the 2022 low at 127.91 (February 24) followed by the December 2021 low in the mid-127.00s (December 20).

Further downside in the cross is likely below the 2-month line near 128.90. On the longer term, the outlook for the cross is seen as negative while below the 200-day SMA, today at 130.34.

EUR/JPY daily chart