The EUR/JPY 100-day SMA dipped below the 200 SMA, leaving a key spot level on the upside.
While further confirmation is needed, the benefit of the doubt is on the downside for the SMA cross communicates risks for the downward momentum to resume. Nevertheless, the distance between EUR/JPY recent highs and the so-called “Death Cross” has been less than three times the ATR(14), providing an opportunity to attack the 200
SMA in a corrective movement.
(Market News Provided by FXstreet)