EUR/JPY Price Analysis: Temporary support comes at 129.65

• EUR/JPY accelerates losses below the 200-day SMA (130.45).
• The 55-day SMA emerges as the next support at 129.65.

EUR/JPY sinks further south of the key 200-day SMA in the mid-130.00s at the beginning of the week.

The sharp corrective downside appears to have further legs to go in the very near term. Against that, the cross could shed further ground and revisit the 55-day SMA at 129.65 ahead of the February low near 128.90 (February 1) and the 2022 lows in the 128.20 zone recorded in late January.

In the longer run, and while below the 200-day SMA, the outlook for the cross is expected to remain bearish.

EUR/JPY daily chart