EUR/JPY fell sharply on Thursday as the yen regained strength on safe-haven demand while the euro was underperforming across the board. EUR/JPY fell more than 250 pips throughout the day and broke below the 123 mark to hit its lowest level in over a month. The pair managed to recover slightly from lows but remained on the defensive around 122.95/123.00, recording a 1.75% loss on the day. EUR/JPY level to watch In terms of technical levels, next supports are seen at 122.55 (Apr 7 low), 122.07 (Mar 1 low). If the pair breaks below this latter, it will be trading at its lowest in three years with no much support until 120.00 (psychological level). On the flip side, resistances could be found at 123.60 (intraday level), 125.29 (Apr 7 high) and 125.83 (Apr 6 high). For more information, read our latest forex news.