EUR/JPY Price Analysis: Rising bets for further decline

• EUR/JPY adds to the weekly leg lower in the mid-126.00s.
• Next on the downside appears the 126.00 neighbourhood.

EUR/JPY extends the downtrend below the 127.00 level for the fourth consecutive session on Wednesday.

The continuation of the selling note should expose a potential test of the 126.00 neighbourhood in the near-term, ahead of the 12570 zone, or the lower bound of the recent multi-week consolidative theme.

Looking at the broader picture, while above the 200-day SMA at 122.61 the outlook for the cross should remain constructive.

EUR/JPY daily chart