EUR/JPY: bearish bias for fresh lows – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen appreciated against all of its major rivals on the back of the latest BOJ economic policy meeting, in which the Japanese Central Bank decided to remain on-hold, but left doors open for further easing.

Key Quotes:

“The EUR/JPY extended its decline down to 125.08, but recovered partially before the closing bell as Wall Street trimmed most of its pre-opening losses. The short term technical picture for the pair suggests that the upward corrective movement can extend, as in the 1 hour chart, the pair met buying interest around its 100 SMA, whilst the technical indicators have recovered from oversold levels, and maintain tepid bullish slopes below their mid-lines.

In the 4 hours chart, the RSI indicator heads higher around 46, while the Momentum indicator has resumed its decline within bearish territory, indicating limited scope for rallies and an increasing risk of a downward move towards fresh lows.”
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Source:: FX Street