EUR/JPY Technical Analysis: Further weakness expected to drag the cross below 124.00

• EUR/JPY is reversing two consecutive daily pullbacks today, opening the door at the same time for another visit to the area of recent lows in sub-124.00 levels.
• Initial target on the downside then is located at 123.82 ahead of mid-January low at 123.39.
• In the meantime, the outlook on the cross is seen negative while below the short-term resistance line, today at 126.66.

EUR/JPY daily chart