EUR/JPY Price Analysis: Further downside not ruled out

• EUR/JPY looks to reverse four consecutive pullbacks in the 124.00 region.
• Immediately on the upside emerges monthly tops beyond 125.00.

EUR/JPY is struggling for direction at the beginning of the week with the daily upside limited around the 124.00 area for the time being.

Further downside remains on the cards with the next support of relevance at monthly lows in the 121.60 zone. On the other hand, if bulls regains the upper hand, then the focus of attention should shift to the 125.00 neighbourhood.

Further out, while above the key 200-day SMA at 121.30 EUR/JPY is expected to keep the positive bias unchanged.

EUR/JPY daily chart