EUR/JPY Price Analysis: Further downside could extend to 109.24

• The leg lower in EUR/JPY has intensified and reaches the 120.00 area.
• Immediately to the downside emerges the 109.60 region.

The downside in EUR/JPY has picked up extra pace after breaching the key 200-day SMA in the 120.80 region on Friday and the 100-day SMA around 120.30 on Monday.

If the selling impetus gathers extra traction, then the 119.60 region should come into focus (late November 2019 lows) ahead of the monthly low at 119.24.

As long as the 200-day SMA caps the upside, the selling bias in the cross is expected to remain unchanged.

EUR/JPY daily chart