EUR/JPY Price Analysis: Further downside remains on the cards

• EUR/JPY attempts a mild rebound following Wednesday’s pullback.
• Immediately to the downside appears the 100-day SMA.

EUR/JPY manages to regain some composure and advances beyond 139.00 the figure, although gains did not stick so far.

The cross now faces prospects for extra decline after breaking below the 4-month support line, today around 139.45. That said, the next contention appears at the July low at 137.26 (July 6) ahead of the 100-day SMA, today at 135.93.

In the longer run, the constructive stance in the cross remains well propped up by the 200-day SMA at 133.03.

EUR/JPY daily chart