EUR/JPY Price Analysis: Rising bets for a move to the 200-day SMA

• EUR/JPY tumbles further and breaks below the 122.00 support.
• Further south comes in the 200-day SMA around 121.10.

The selling momentum in EUR/JPY picks extra pace on Thursday and forces the cross to break below the key support at 122.00 the figure and print at the same time new 3-month lows.

Extra losses thus remain well on the cards and the door is now wide open to a deeper retracement to, initially, the 200-day SMA in the 121.10/15 band, challenging at the same time the positive outlook on the cross.

Looking at the broader scenario, while above the 200-day SMA at1 121.13, the outlook on EUR/JPY is expected to remain constructive.

EUR/JPY daily chart