EUR/JPY Price Analysis: Downtrend could test the 55-day SMA near 125.00

• EUR/JPY adds to the weekly leg lower below 126.00.
• Further south aligns the 55-day SMA at 125.12.

EUR/JPY extends the downtrend below the 126.00 mark on Friday, losing ground for the sixth consecutive session at the same time.

The continuation of the selling bias should expose a potential test of the 125.00 neighbourhood in the near-term, where coincide the 55-day SMA (125.12) and October/November tops.

Looking at the broader picture, while above the 200-day SMA at 122.69 the outlook for the cross should remain constructive.

EUR/JPY daily chart