EUR/JPY Price Analysis: Further losses expected below 134.94

• EUR/JPY extends the leg lower well below 136.00.
• Initial support comes at the weekly low at 134.94.

EUR/JPY loses ground for the third session in a row, this time breaking below the support at the 136.00 level.

Extra weakness now appears in store for the cross, with the immediate support at the weekly low at 134.94 (August 16). The loss of this level should expose a deeper pullback to the 200-day SMA, today at 134.15.

While above the latter, the prospects for the pair should remain constructive.

EUR/JPY daily chart