• EUR/JPY extends downside for the sixth straight session, as the yen remains heavily bid amid increased risk-off across markets.
   
• The pair has broken major trendline support at 120.70 and has hit lows of 119 levels.
   
• Pair struggles to extend below, has bounced-off from 3-1/2 year lows at 119 levels and is currently trading around 119.50.
   
• Caution ahead of the Fed and BOJ interest rates decision due on Wednesday and Thursday respectively, traders refrain from placing big directional bets.
   
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-holds-strong-trendline-support-at-12070-good-to-go-short-on-close-below-220249) has achieved all targets.
   
• Recommend booking full profits for now.