EUR/JPY Price Analysis: Further decline remains in the pipeline

• EUR/JPY remains on the defensive and trades near YTD lows.
• A breakdown of the 116.00 looks likely in the current context.

EUR/JPY is navigating the lower end of the prevailing 116.00-121.50 range and is looking to stabilize in the 117.00 region at the time of writing.

That said, a test of the 2020 lows in the 116.00 neighbourhood still remains well on the table. A break below this area of contention should expose the 2019 low at 115.86 (September 3).

Looking at the broader picture, the downside pressure is expected to lose some momentum on a surpass of April tops in the 109.00 neighbourhood.

EUR/JPY daily chart