EUR/JPY Technical Analysis: The leg lower could still test the 123.60 region near term

• The leg lower in the cross has picked up extra pace following the recent breakdown of the 125.90/50 band, a zone of congestion where are located the 10-, 100-, 55- and 21-day SMAs.
• The deterioration in sentiment remains in place so far today and against this backdrop EUR/JPY is expected to re-visit the 123.60 region, where sits the March low.
• In the meantime, the cross needs to clear the multi-month resistance line, today ay 126.57, to alleviate downside pressure and refocus to recent tops near 126.00 the figure.

EUR/JPY daily chart