EUR/JPY Price Analysis: Further weakness could extend to 115.80

• EUR/JPY tumbled to fresh yearly lows in the 116.30 region on Monday.
• Immediately to the downside emerges the 115.80 zone, or 2019 lows.

EUR/JPY has printed new YTD lows in the 116.30 zone during early trade, always on the back of the firm demand for the Japanese currency.

The bearish view is expected to remain unchanged as long as the 200-day SMA, today at 120.22, caps the upside and the coronavirus concerns keep dominating the global sentiment.

Against this backdrop, the cross faces the next support of relevance in the 115.80 area, the lowest level recorded during last year.

EUR/JPY daily chart