EUR/JPY Technical Analysis: Further downside could test the 119.70 region

• EUR/JPY remains on the defensive in sub-121.00 levels.
• The recent breakdown of the 200-day SMA (121.03) allows extra weakness.

EUR/JPY is down for the second session in a row on Wednesday following the renewed and moderate selling bias surrounding the European currency.

If the downside pressure gains further steam, the cross could likely breach the so far 2020 lows in the low-120.00s and attempt a move to the 100-day SMA in the 119.70 region in the near term.

Further south emerges November’s low at 119.24. This level could come to the fore in case the cross clears the 120.00 support on a sustainable note.

EUR/JPY daily chart