EUR/JPY Price Analysis: Next stop on the downside at 151.80

• EUR/JPY drops further and revisits the 153.30 zone on Wednesday.
• The breach of this level opens the door to the 55-day SMA.

EUR/JPY accelerates its losses and revisits the low-153.00s as the selling pressure in the cross remains everything but abated on Wednesday.

The cross extends further its monthly retracement and leaves the door open to extra downside in the very near term. In case losses gather impulse, then the next contention area appears at the provisional 55-day SMA at 151.78.

The daily RSI around 46 still allows for the continuation of the downward move in the very near term.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 145.75.

EUR/JPY daily chart