EURJPY Price Analysis: Decline could extend to 143.70

• EURJPY extends the weekly pullback well below 145.00
• The continuation of the downtrend could retest the 143.70 region.

EURJPY remains under heavy pressure and drops to multi-session lows in the mid-144.00s on Thursday.

Further weakness appears likely in the near term and the cross could then slip back to the weekly low at 143.72 (October 24). The loss of this level could open the door to a test of the 55-day SMA at 142.40.

In the short term the upside momentum is expected to persist while above the October lows near 141.00.

In the longer run, while above the key 200-day SMA at 137.61, the constructive outlook is expected to remain unchanged.

EURJPY daily chart