• EUR/JPY has broken below strong channel base support at 125 levels, to extend downside.
  
  
• The pair has tested multi-year lows at 123.69, levels last seen in Apr 2013, further weakness likely.
  
  
• In what appears to be intervention by the BOJ following the sharp Yen appreciation, we saw a spike in the pair from 123.76 to 124.24.
  
  
• But downside intact, pair back to trade near the 124 handle, Techs biased lower, tests of 122 levels likely.
  
  
• Our earlier call (http://www.econotimes.com/FxWirePro-EUR-JPY-holds-strong-channel-base-support-at-125-weakness-only-on-breaks-below-164944) has hit its first target.
  
  

Recommendation: Hold for further downside.