EUR/JPY Price Analysis: Scope for further losses near term

• EUR/JPY drops for the third session in a row on Monday.
• There are minor support levels at 134.98 and 133.92.

EUR/JPY starts the week well on the defensive and approaches the key 135.00 zone, or 3-month lows.

The cross entered the third consecutive week with losses and remains vulnerable to further decline in the near term. A deeper pullback should test the minor support levels at 134.98 (low May 25) prior to 133.92 (low May 19). If breached, a visit to the  this critical 200-day SMA, today at 133.68, should start emerging on the horizon.

It is worth noting that while above the latter, the cross is expected to keep its constructive stance.

EUR/JPY daily chart