EUR/JPY Price Analysis: A deeper pullback exposes 123.00 and below

• EUR/JPY accelerates the march south and tests the low-123.00s.
• Minor support emerges at the 21-day SMA near 123.30.

EUR/JPY extends the leg lower for yet another session and drops further south of the 124.00 mark on Wednesday.

Hence, bets for a move lower remain on the rise with the next support of note emerges at the 123.00 neighbourhood ahead of the September’s lows in the mid-122.00s. If cleared, then a re-visit to the so far monthly lows in the 121.60 region should not be ruled out.

A breach of the latter carries the potential to spark an even deeper retracement and spark a shift in the current outlook to bearish.

EUR/JPY daily chart