EUR/JPY Price Analysis: Outlook negative below the 200-day SMA

• EUR/JPY drops further and challenges the key 200-day SMA.
• Below the latter, the cross could risk a deeper retracement.

EUR/JPY extends the bearish move well south of the 134.00 mark on Tuesday.

In the meantime, price action in the cross remains entrenched in the negative territory, losing ground for the fourth consecutive session so far.

A break below the key 200-day SMA, today at 133.69, carries the potential to accelerate losses and shift the outlook to negative.

Immediately to the downside now emerges the May low at 132.65 (May 12).

EUR/JPY daily chart