The EUR/JPY currency pair on the 4-hour time frame has been following a downtrend. The price reached the lowest level of period under study at 124.118 on 25 April. The recovery attempt was weak as price failed to breach the key resistance level of 125.571. The price is currently hovering around 124.660, looking good to test the low of 124.118 again.
The 4-hour chart of the EUR/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 125.571. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the EUR/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 125.571. Bulls must break this level in order to regain bullish sentiment in the market.