FXStreet (Mumbai) - The losses in the EUR/JPY cross accelerated further after the European open, with the EUR/USD pair meeting fresh supply on the back of a swift recovery seen in the European stocks. EUR/JPY falls sharply below a break of 50-DMA Currently, the EUR/JPY pair trades -0.70% at fresh two-week lows of 131.75, witnessing more than 200 pips fall so far this Friday. The EUR/JPY cross remains relentlessly offered after the EUR/USD’s post-Fed recovery faltered near hourly 50-SMA and the major dropped sharply after the European stocks recovered more than half of its initial losses. Therefore, diminishing the safe-haven bids for the euro. While on the other hand the yen remains bid against the US dollar after the BOJ Chief Kuroda clarified the confusion over the latest measures introduced by the central bank at its policy meeting held earlier on the day. Looking ahead, nothing relevant for both EUR and JPY on the macro calendar and hence all ears will remain on Fed official Lacker’s speech due later today. EUR/JPY Technical Levels To the upside, the next resistance lies at 133.00 (1h 100-SMA), above which it could extend gains to 133.76 (daily high). To the downside, the cross finds immediate support at 131.57 (Oct 29 Low), below that 131 (round number), could act as a major support. For more information, read our latest forex news.