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EUR/JPY Breaks Trendline and 200-Day SMA

The EUR/JPY made another downwards push this week, and is now showing more signs of a bearish market developing.

(eurjpy daily chart)

The daily chart shows the market pushing below 140 support earlier in the week, and shows a break below 
1) a rising trendlien from June. 2013
2) the 200-day SMA. 

EUR/JPY is also about to test a previous support pivot around 138.65. The oscillators in the daily chart are essentially in oversold levels, so a bounce can be expected in the short-term. 

If we do get this pullback, and if price can hold below 140.90, preferably below 140, then the bearish outlook is still in play, and the next support below 138.65 will be 136.21.

At this point, it may be prudent to consider selling a bounce if the rally fizzles below 140.90.