EUR/JPY: bears taking full control – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair has lost almost 100 pips this Wednesday, led by EUR weakness, and as the JPY remain immune to dollar’s demand ahead of US Nonfarm Payroll report next Friday.

Key Quotes:

“The pair has declined down to 131.83, approaching the year low posted last October at 131.57, and presenting a strong bearish short term tone, despite being overbought.”

“The 1 hour chart shows that the price extended its decline well below its 100 SMA whilst the 200 SMA has approached to the last from above, reflecting the ongoing selling interest, and the technical indicators maintain their bearish slopes, despite being in overbought territory.”

“In the 4 hours chart, the technical picture also supports a continued decline, as the RSI indicator heads south around 32, whilst the Momentum indicator remains well below its 100 level.”
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Source:: FX Street