EUR/JPY technical analysis: Continues to bleed towards 117.85 January spike low

• EUR/JPY stays offered below 120.06/119.91 Fibo and eyes look to 114.86 2017 low.
• 3-month downtrend at 121.77/72 is key on the upside.

EUR/JPY dropped below 120.06/119.91 Fibo support following last week's sell-off below the weekly trendline support and remains under pressure. Bears can target the 117.85 January spike low from here which guards the 114.86 2017 low. A break there opens the 108.80 key support area. On the upside, key short-term resistance comes in at the 55-day moving average ahead of the 3-month downtrend at 121.77/72.