EUR/JPY chart - Trading View
EUR/JPY was trading 0.06% lower on the day at 124.76 at around 10:45 GMT.
The pair has retraced below 200W MA support and technical indicators have turned bearish on the daily charts raising scope for further weakness.
The single currency remains depressed amid dovish ECB expectations and risk-off market conditions.
The 10-year German bond yield fell by five basis points to -0.51% on Tuesday, and its Italian counterpart declined by three basis points to 1.03%.
ECB policy meeting is due Thursday. The markets expect the central bank to signal readiness to do more as inflation expectations have declined.
Price action has broken below 21-EMA and bears now eye next immediate support at 50-DMA at 124.15.
Break below 50-DMA targets daily cloud. Major up trend remains intact, however, bullish invalidation only below 200-DMA.
