EUR/JPY Technical Analysis: A deeper drop should break below the 123.00 key support

• The better mood in the safe haven JPY is sponsoring the persistent down move in the cross to the boundaries of 123.00 the figure.
• The acceleration of the selling pressure in EUR/JPY could see a test of 122.58 in the short-term horizon ahead of the ‘flash crash’ to sub-119.00 levels seen in early January.
• All in all, the negative view on the cross is expected to remain unchanged as long as the multi-month resistance line, today at 126.19, caps the upside.

EUR/JPY daily chart