EUR/JPY Price Analysis: Minor support emerges around 128.30

• EUR/JPY remains under pressure well below 129.00.
• Immediate support is located near 128.30, March lows.

EUR/JPY drops further, although it seems to have met some decent contention around the 128.30 region so far on turnaround Tuesday.

The selling pressure accelerated after the cross broke below the 200-day SMA (128.99) as well as the key 2021 line around 129.15. In the current context, further losses appear well in the pipeline.

The loss of the 128.30 area, where also sits the March lows, should pave the way for a probable move to another Fibo level (of the January-June rally) in the 127.00 neighbourhood.

If the breakdown of the 200-day SMA becomes sustainable, then the outlook for the cross is expected to shift to negative.

EUR/JPY daily chart