EUR/JPY Technical Analysis: Further downside could extend to 119.70

• The downside momentum in EUR/JPY gathers traction.
• Further south emerges the key support near 119.70.

EUR/JPY is extending the leg lower to the initial target at the 120.30 region, although further weakness remains in the pipeline in light of increasing trade concerns.

If the selling pressure picks up extra pace, then the next significant area of contention is located in the proximity of 119.70, where coincide the 55-day SMA and November 25^th low.

Further south emerges the 119.30 area, coincident with the November low and the 100-day SMA.