The euro fell against the U.S. dollar and the Japanese yen in Asian trading Monday following France's rejection of the proposed European Union constitution. The euro fell to $1.2522 late Monday in Tokyo from $1.2527 and to 135.10 yen from 135.17 yen. "The euro is likely to remain under pressure versus majors across the board," said Naomi Fink, a currency strategist at BNP Paribas in New York, adding that the 12-nation European currency could break the psychologically important $1.25-level "sooner rather than later." Rejecting EU's ambitious move to unite its 25 nations, French voters shot down the bloc's first constitution Sunday, dealing a potentially fatal blow to the charter and humiliating President Jacques Chirac, who had urged his countrymen to approve it. Sunday's referendum in France was the first rejection in Europe and came ahead of Wednesday's vote in the Netherlands. Yet the result was widely expected, and the greenback's gains were limited. Investors were also wary of aggressively pushing the euro lower in the absence of London and New York trading where markets were closed for public holidays Monday. Minoru Shioiri, foreign exchange manager at Mitsubishi Securities, said, however, that "the euro is still headed lower instead of higher," citing shaky Eurozone economic fundamentals and the likelihood that the Netherlands will also reject the EU constitution.