EUR/JPY Extends its losses, drops towards 142.20s

The EUR/JPY pair fell on Thursday, for the second straight day due to market sentiment that is turning sour, as portrayed by Wall Street’s performance as the stocks market is expected to finish the US session with losses.

The US Fed policymakers remain committed to crushing inflation. At the time of writing, the EUR/JPY is trading at 142.24, down by 0.51%.

The EUR/JPY daily chart portrays the pair’s faced solid support at the 20-day EMA around 142.08. Even though Thursday’s daily low was 141.95, sellers could not hold the fort, so the EUR/JPY reclaimed 142.00. It should be noted that the Relative Strength Index (RSI) just crossed below the 7-day RSI’s SMA, indicating that sell orders could be beginning to pile in the pair.