EUR/JPY 4H Chart: Channel Down

The Euro has already lost almost two figures since the first days of December when the EUR/JPY cross reached the two-month high at 134.59. The toughest part of a sell-off  is still ahead of the spot price. Firstly, the weekly S1 and monthly R1 will not be ignored, as they are immediately followed by the 200-period SMA at 132 and 100-period moving average at 131.80. Already, technical studies on a daily time frame are looking for a rebound in the next 24 hours. However, in case these supports give up to a bearish attack altogether, we will refocus attention to the monthly PP at 131 and Nov low at 129.66. Meantime, the Euro is overbought in the SWFX market, as more than 66% of all  current positions are bullish.