EUR/JPY Price Analysis: Rising odds for a test of the 2020 low at 116.11

• EUR/JPY extends the bearish momentum below the 108.00 mark.
• The next target now emerges at the YTD lows in the vicinity of 116.00.

After printing multi-week tops beyond 121.00 the figure last week, EUR/JPY came under increasing selling pressure and is once again navigating the sub-118.00 area.

If the selling impetus picks up pace, then there are no relevant support levels until the 2020 low at 116.11 recorded in early March.

Looking at the broader picture, while beow the key 200-day SMA at 119.97, the cross should keep the negative stance unaltered. A more serious rally is expected to surpass tops beyond 121.00 the figure.

EUR/JPY daily chart