EUR/JPY: MA’s confirming technical bearish story – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair closed the day unchanged a few pips above the 130.00 figure, having, however, extended its decline to 129.65 a fresh 7-month low, during the Asian session, but the pair recovered the lost ground during the American afternoon.

Key Quotes:

“Anyway the pair mains a bearish bias as in the 4 hours chart the price remains far below its 100 and SMAs, both clearly bearish, whilst the technical indicators have turned south around their mid-lines.

In the daily chart, the 100 SMA is crossing below the 200 SMA around 135.20 for the first time since mid August, rather reflecting the ongoing negative tone than suggesting further declines. In the same chart, the RSI indicator heads slightly lower around 31, while the Momentum indicator presents a tepid bearish slope below its 100 level, all of which maintains the risk towards the downside.”
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Source:: FX Street