EUR/JPY Price Analysis: Immediate support aligns in the 124.40/30 band

• EUR/JPY extends the downside and breaks below 125.00.
• There is an interim contention zone around 124.40/30.

EUR/JPY accelerates the leg lower and drops to multi-day lows in the sub-125.00 area on Wednesday.

The bearish sentiment is picking up pace and faces the next support area in the 124.40/30 band, where converge September/late August lows and the 55-day SMA. A more serious pullback faces the 3-month support line in the mid-123.00 ahead of the key 122.90 zone.

The positive stance on EUR/JPY is forecasted to remain unaltered as long as the 200-day SMA, today at 120.82, holds the downside.

EUR/JPY daily chart