EUR/JPY Price Analysis: Deeper pullback could see a drop to 113.71

EUR/JPY breaks below 115.00 and records fresh yearly lows.
Extra losses are now facing the next support in the 113.70/75 band.

The selling bias in EUR/JPY remains well and sound so far this week. The cross broke below the April low in the 114.85/80 band and it has now open the door to further pullbacks.

Against the backdrop of increasing downside pressure, the cross now faces the next relevant contention in the 113.70 region, where sits the November 2016 lows.

Looking at the broader picture, the downside pressure is expected to lose some momentum above the short-term resistance line near 117.20.

EUR/JPY monthly chart

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