EUR/JPY plummets to over 2-week lows, around mid-134.00s

   •  EUR holds weaker across the board.
   •  Reviving safe-haven demand further underpins JPY.
   •  Technically seems vulnerable to slide further.

The EUR/JPY cross remained heavily offered for the second consecutive session on Monday and retreated farther below the key 135.00 psychological mark to over two-week lows.

The spot extended last week's retracement slide from the 136.20-30 heavy supply zone and has now dropped around 180-pips over the past three trading session amid some profit-taking slide witnessed around the shared currency. 

Adding to this, the already strong bid tone surrounding the Japanese Yen got an additional boost from reviving safe-haven demand and further collaborated to the pair's sharp downfall to mid-134.00s, the lowest since Jan. 12.

From a technical perspective, the cross has now confirmed a near-term bearish break below 20-day SMA and hence, a follow-through weakness, led by some additional long-unwinding pressure, now looks a distinct possibility. 

Technical levels to watch

From current levels, 50-day SMA, near the 134.00 handle, now seems to protect the immediate downside, which if broken is likely to accelerate the fall towards 100-day SMA support near the 133.30 region.

On the upside, any recovery attempts might now confront fresh supply near the 134.90-135.00 area, above which the pair is likely to aim towards surpassing mid-135.00s before eventually darting back towards the 136.00 handle and the 136.20-30 heavy supply zone.