The EUR/JPY started plummeting in the European opening from 96.49 high as Spain continues under pressure by the markets. Despite the Eurogroup’s approval of the Spanish banking bailout, the 10-year government yield continues rising above 7%. The cross fell already below 96.00 sentiment level, to find current support at 95.70. However, market participants are still putting pressure on the downside and the pair doesn’t seem ready to start a bouncing movement yet. “We remain focused on the longer-term structure which is dominated by a multi-month falling channel with support near 94.00”, wrote MIG Bank analyst Bijoy Kar, expecting this support to be broken.