EUR/JPY attempted to recover on Friday but lost momentum and turned to the downside on a quiet session, breaking below 123.00 and also below yesterday’s low. Price bottomed at 122.63, reaching the lowest level in a week. During the previous days EUR/JPY moved in ranges but toward the end of the week turned to the downside, and did not rose back (like it happed on Thursday) amid a stronger yen. A test of 122.00 coming? Price is consolidating below 123.00. Despite holding above 2016 lows, the pair is about to post a daily and a weekly close under the 123.00 handle. On the daily chart 123.00 offered resistance last week and also during March. A consolidation below could add pressure to the euro exposing 122.00, where 2016 lows are located. For the euro is the second weekly decline in a row and implicates a confirmation of the losses of the previous week when it dropped from 127.20 to 123.20 and it gives signals that the downside pressure still persists. For more information, read our latest forex news.