EUR/JPY Price Analysis: Further decline in the pipeline

• EUR/JPY extends losses for the third session in a row.
• The continuation of the leg lower could revisit the 146.30 region.

EUR/JPY’s selling pressure gathers further pace and forces the cross to break below the 149.00 support.

The underlying bullish outlook appears somewhat dented for the time being. Against that backdrop, the ongoing correction carries the potential to extend to the weekly low at 146.30 (April 25), where bears could struggle to push harder.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.66.

EUR/JPY daily chart