EUR/JPY Technical Analysis: Potential rebound near term as the cross enters ‘oversold’ territory

• EUR/JPY clinched fresh yearly lows in sub-118.00 levels on the back of increasing demand for the safe haven JPY.
• If the selling impetus gathers further traction, the area of 2017 low at 114.85 (April 17) is expected to emerge on the horizon.
• However, a potential rebound in the near term should not be ruled out, as the cross stays well oversold around the 20 level when gauged by the daily RSI (14).

EUR/JPY daily chart