EUR/JPY Technical Analysis: Downside could extend to 117.50

• EUR/JPY is navigating the area of multi-day lows around 117.80, breaking below the initial support at the 21-day SMA near 118.20.
• If the selling impetus picks up extra pace the next target should emerge at September 12^th low at 117.55 ahead of 116.56 9low August 26^th).
• On the upside, the resistance line at 119.80 remains a tough barrier. A surpass of this hurdle should alleviate the downside pressure somewhat and allow for a visit to the 120.00 level and beyond.

EUR/JPY daily chart