EUR/JPY Price Analysis: Regains poise but keeps targeting 118.50

• EUR/JPY regains some traction above the 119.00 mark on Tuesday.
• The next target now emerges at the February lows in the 108.50 area.

After printing multi-week tops beyond 121.00 the figure last Wednesday, EUR/JPY has come under selling pressure and is once again navigating the sub-120.00 zone.

The cross is prolonging the recent breakdown of the key 200-day SMA in the 120.00 region. The continuation of the selling bias should see the cross testing the mid-118.00s in the near term, where emerge the February lows.

Extra losses are therefore likely while below the key 200-day SMA in the 120.00 neighbourhood.

EUR/JPY daily chart