EUR/JPY Price Analysis: Further losses could hit 114.85

• EUR/JPY clinches new 2020 lows in the mid-115.00s.
• The next relevant level on the downside is the 2017 low at 114.85.

EUR/JPY has accelerated the downside after breaking below the 116.00 support, visiting levels last seen in April 2017 in the mid-115.00s.

If the selling bias accelerates, then there are no significant support levels until the 2017 low at 114.85.

Looking at the broader picture, the downside pressure is expected to lose some momentum on a surpass of April tops in the 119.00 neighbourhood.

EUR/JPY monthly chart