EUR/JPY has been in free-fall during the early stages of the Asian session, with the rate exchanging hands at multi-year lows of 119.30, after failure to hold above the 120.00 big psychological level. The ''risk-off' flows have resulted in the Nikkei 225 to fall by over 3% ahead of the lunch break, fuelling the strength in the Yen.Tech views from Valeria Bednarik, Chief Analyst at FXStreet"The EUR/JPY pair fell below the 120.00 level for the first time since March 2013, as the ongoing risk aversion environment kept the safe haven yen on demand. The pair bounce modestly from a low set at 119.90, but the risk is markedly lower, given that in the daily chart, the technical indicators have turned sharply lower after failing to overcome their mid-lines, whilst the price keeps moving away from a sharply bearish 100 DMA, currently around 124.00.""In the shorter term, and according to the 4 hours chart, the pair is developing below its moving averages, while the RSI indicator holds flat near oversold territory, and the Momentum indicator also lacks directional strength within negative territory, rather reflecting the latest absence of volume than suggesting the bearish potential is fading. Renewed selling pressure below the 119.80 level, the immediate support, should see the pair moving slowly but steadily towards the 118.80 region."