EUR/JPY Price Action Overview And Anticipation
After breaking below its long period ascending trend line, this pair pulled up for a quick retest and is now ready to gain power on its downtrend. EUR/JPY is now down to the 38.2% Fibonacci extension, and moving averages suggest that further losses are in the works.
The 100 SMA crossed below the 200 SMA to confirm that bearish momentum is in play, and the former is also holding as a dynamic resistance. However, stochastic is already indicating oversold conditions, and turning higher could allow buyers to return at some point and may rebound lower again depending on coming up Lagarde's speech, other top tier reports from European or which lower yield gaining the most power out of lower-risk appetite market situation at that point should be taken concern.
The 100 SMA crossed below the 200 SMA to confirm that bearish momentum is in play, and the former is also holding as a dynamic resistance. However, stochastic is already indicating oversold conditions, and turning higher could allow buyers to return at some point and may rebound lower again depending on coming up Lagarde's speech, other top tier reports from European or which lower yield gaining the most power out of lower-risk appetite market situation at that point should be taken concern.
Comment:
As we can see a very weak euro and the pair fell lower below the 61.80% Fibonacci extension which lines up with weekly s3.
