• EUR/JPY edges lower on the day reversing part of the relief rally seen yesterday.
   
• Pair remains supported above the 122 handle, and is currently trading around 122.30 levels after hitting session lows at 122.12.
   
• Better bid EUR/USD pair extending support to EUR/JPY, bias remains lower.
   
• Focus remains on euro zone PPI data and sentiment surrounding the global equities and oil markets in absence of significant economic releases.
   
• The pair has resistance at 122.91 (May 2nd highs), 123 (psychological levels) and 123.12 (5-DMA). 
   
• On the flip side, support is seen at 122.05 (Mar 1st lows), 121.71 (April 18th lows) below which it could extend losses to towards 121.63 (3-year low).
   
• Technicals on daily charts support downside in the pair. The pair is holding strong trendline support at 121.70 and weakness only on breaks below.