FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted and explained that the EUR/JPY pair plunged to a fresh low of 131.96 on the back of EUR self weakness, having been unable to bounce sharply and maintaining the negative tone seen yesterday.
Key Quotes:
“Earlier in the day, the pair completed a pullback to the base of the symmetrical triangle broken last Tuesday before resuming its slide, further anticipating a bearish continuation. Short term, the 1 hour chart shows that the technical indicators have reached oversold levels, currently consolidating around them, whilst the 100 SMA has extended its decline well above the current level, now nearing the mentioned trend line in the 133.30/40 region.”
“In the 4 hours chart, the technical indicators have been rejected from their mid-lines and present strong bearish slopes below their mid-lines, supporting a continued decline for this Thursday.”
(Market News Provided by FXstreet)