EUR/JPY Price Analysis: Further losses target 157.70

• EUR/JPY breaks below the 159.00 support on Tuesday.
• Extra pullbacks could see the 157.70 region revisited.

EUR/JPY retreats for the seventh session in a row and breaches the key support at 159.00 the figure on Tuesday.

The continuation of the downward bias appears on the cards for the time being. Against that, the loss of the provisional 100-day SMA at 158.66 could pave the way for a move to the minor support at the weekly low of 157.69 (October 30) prior to the October low of 154.34 (October 3).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA at 153.78.

EUR/JPY daily chart