A bearish signal has been generated on this cross, which is partly due to the weakness in EUR. Unlike its USD/JPY counterpart, the EUR/JPY pair dropped sharply on Thursday, resulting in a short-term bearish bias in the market.
There is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50. The market may thus go further downwards, reaching the demand zones at 131.50 and 131.00.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY
A bearish signal has been generated on this cross, which is partly due to the weakness in EUR. Unlike its USD/JPY counterpart, the EUR/JPY pair dropped sharply on Thursday, resulting in a short-term bearish bias in the market.
There is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50. The market may thus go further downwards, reaching the demand zones at 131.50 and 131.00.
The material has been provided by InstaForex Company – www.instaforex.com
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