EUR/JPY Price Analysis: Stays bearish below the 200-day SMA

• EUR/JPY came under further pressure and printed 2020 lows.
• While capped by the 200-day SMA at 120.52, extra losses are likely.

EUR/JPY is showing some signs of life after hitting fresh 2020 lows in the 119.70/65 band at the beginning of the week.

The bearish stance remains well in place as long as the 200-day SMA, today at 120.52, caps the upside.

Against this backdrop, a move to the November low at 119.25 in the near-term should not be ruled out.

EUR/JPY daily chart