EUR/JPY Price Analysis: Door open for a move to 119.00 (and below)

• EUR/JPY saw its downside intensified on Friday and broke below 120.00.
• Further downside could see the YTD low in the mid-118.00s re-visited.

EUR/JPY is suffering the increased JPY-buying amidst persistent demand for the safe haven universe, always in response to the panic surrounding the COVID-19.

Following the breach of the key 200-day SMA, the cross has shifted the focus to the likelihood of further retracements.

Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.

EUR/JPY daily chart