EUR/JPY Price Analysis: Further decline targets 124.00

• EUR/JPY comes under pressure and drops to the sub-125.00 area.
• The so far monthly lows around 124.00 emerges as the next support.

EUR/JPY’s rally managed to hit fresh tops near 125.60 on Thursday, although the move struggled to push further north and sparked the ongoing corrective downside.

In spite of the knee-jerk, extra gains remain well on the cards and underpinned by the generalized improvement in the risk complex. Against this, the next key hurdle emerges at the mid-127.00s, where sits the March 2019 high.

If sellers remain in control in the short-term, then EUR/JPY risks a visit to last week’s lows around the 124.00 mark (August 3).

EUR/JPY daily chart