EUR/JPY Technical Analysis: Correction lower could extend to March’s lows near 123.60

• EUR/JPY is accelerating the leg lower after breaking below the 10-day SMA in the 126.00 neighbourhood in past sessions.
• While the sentiment around the European currency remains sour, the cross could drop further and test the 123.60 region, where sits March’s low.
• In the meantime, the cross needs to clear the multi-month resistance line, today ay 126.64, to alleviate downside pressure and refocus to recent tops near 127.00 the figure.

EUR/JPY daily chart