FX.co ★ EUR/JPY Price Analysis:

EUR/JPY is trying to reach 128.00.

A deeper pullback could extend to 127.00.

EUR/JPY is trading near recent lows at128.00 on Friday.

The selling pressure has accelerated after the cross broke below the 200-day SMA (129.10) as well as the key 2021 line around 129.15 at the end of last week. In the current context, further losses appear well in the pipeline.

A breach of recent lows near 128.00 should pave the way for a probable move to the next support near 127.00, where sits a Fibo level (of the January-June rally).

If the breakdown of the 200-day SMA at 129.04 becomes sustainable, then the outlook for the cross is expected to shift to negative.