EUR/JPY Price Analysis: Near-term outlook shifted to negative

• EUR/JPY adds to Wednesday’s acute drop below the 141.00 mark.
• Next on the downside comes the YTD low near 137.40.

EUR/JPY remains on the defensive and returns to the sub-141.00 region after the earlier bull run to the 141.55/60 band on Thursday.

The sharp retracement could now motivate the cross to revisit the March low at 139.48 (March 15), while the breach of the latter could prompt a probable visit to the 2023 low at 137.38 (January 3) to emerge on the horizon.

In the meantime, extra losses remain on the cards while the cross trades below the 200-day SMA.

EUR/JPY daily chart