EUR/JPY Price Analysis: Next target on the downside emerges at 113.71

• EUR/JPY breaks below 115.00 and records fresh yearly lows.
• Extra losses are now facing the next support in the 113.70/75 band.

The selling bias in EUR/JPY is picking up extra pace so far this week, breaching the 115.00 key support and facing prospects of a deeper pullback in the short-term horizon.

Against the backdrop of increasing downside pressure, the cross faces the next relevant contention in the 113.70 region, where sits the November 2016 lows.

Looking at the broader picture, the downside pressure is expected to lose some momentum above the short-term resistance line near 117.40.

EUR/JPY daily chart