- EUR/JPY remains on the defensive and trades near YTD lows.
- A breakdown of the 116.00 looks likely in the current context.
EUR/JPY is navigating the lower end of the prevailing 116.00-121.50 range and is looking to stabilize in the 117.00 region at the time of writing.
That said, a test of the 2020 lows in the 116.00 neighbourhood still remains well on the table. A break below this area of contention should expose the 2019 low at 115.86 (September 3).
Looking at the broader picture, the downside pressure is expected to lose some momentum on a surpass of April tops in the 109.00 neighbourhood.
EUR/JPY daily chart
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