EUR/JPY Price Analysis: Door open to a challenge of the 200-day SMA

• EUR/JPY extends the retracement for the second session in a row.
• Next on the downside now emerges the 200-day SMA at 133.66.

EUR/JPY accelerates the weekly pullback and already tested fresh 2-month lows in the mid-135.00s, where some initial contention seems to have turned up.

The cross remains under pressure and is vulnerable to further decline while below the weekly high at 142.32 (July 21).  The persistent descent this week now exposes a probable deeper drop to the critical 200-day SMA, today at 133.67.

It is worth noting that while above the latter, the cross is expected to keep its constructive stance.

EUR/JPY daily chart