Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair resumed its decline, as the Japanese currency got favored by the risk-averse environment, with the pair accelerating below the 124.00 level ahead of the US close. Key Quotes: "Weakening stocks have favored the JPY, while the lack of momentum in the EUR did the rest. The pair trades near a fresh daily low in the 123.80 region, and the 1 hour chart shows that its back below its 100 and 200 SMAs, whilst the technical indicators failed to overcome their mid-lines before turning sharply lower, favoring additional declines for the upcoming Asian session. In the 4 hours chart, the price was rejected from a bearish 100 SMA, whilst the technical indicators have accelerated their declines after breaking below their mid-lines, also in line with further slides." For more information, read our latest forex news.