EUR/JPY Price Analysis: Next support comes in at 121.10, the 200-day SMA

• EUR/JPY accelerates the downside below the 123.00 mark.
• Further south comes in the 200-day SMA near 121.10.

The selling momentum in EUR/JPY gathers further steam and forces the cross to break below the key support at 123.00 the figure and print at the same time new multi-day lows.

The continuation of the current leg lower opens the door to a deeper pullback to, initially, the 200-day SMA around 121.10. This view carries the potential of challenging the so far constructive view on EUR/JPY.

Looking at the broader scenario, while above the 200-day SMA at1 121.12, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart