EUR/JPY Price Analysis: Extra downside not ruled out

• EUR/JPY extends the leg lower below the 129.00 yardstick.
• Next on the downside comes the key support around 128.00.

EUR/JPY drops for the third session in a row and reclaims the area below the 129.00 level at the end of the week.

Further decline stays well in the pipeline amidst the current context and another visit to the key contention area in the 128.00 neighbourhood (August/September lows) cannot be ruled out in the short-term horizon.

The near-term outlook for the cross remains bearish while below the critical 200-day SMA, today at 129.70.

EUR/JPY daily chart