EUR/JPY Price Analysis: Scope for a drop to 117.00

• EUR/JPY dropped further to sub-119.00 levels, fresh 2020 lows.
• The next support emerges at the October 2019 low at 117.07.

The bearish note around EUR/JPY remains unchanged for the time being, encouraging the cross to breach the key support at 119.00 the figure.

While below the key 200-day SMA, today at 120.46, the outlook on the cross is expected to remain negative.

Against this backdrop, the immediate support emerges at the October 2019 low at 117.07.

EUR/JPY dail;y chart