EUR/JPY Technical Analysis: Decline expected to break below the 120.00 level in the near term

• The cross is extending the protracted down move and is now threatening to breach the key support at the 120.00 handle.
• The cross has recently broken below the key contention area at 120.80 and in doing so has paved the way for a deeper pullback.
• Immediately to the downside emerges 2019 lows in the sub-119.00 zone recorded in early January.
• Furthermore, the bearish view should remain unchanged below the 55-day SMA at 121.98.

EUR/JPY daily chart