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EUR/JPY: Good chance of a bearish movement - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, there’s a good chance of a bearish movement in EUR/JPY, to be confirmed with a break below 137.60.

Key Quotes

"EUR/JPY seems to have drawn a short term roof around the level, with price currently hovering around the neckline of the figure. The hourly chart shows 100 SMA crossing above 200 in the 137.20/30 price zone, with indicators in bearish territory without a certain directional strength."

"In the 4 hours chart indicators turned strongly south from overbought territory, which along with the figure, suggest there’s a good chance of a bearish movement, to be confirmed with a break below 137.60 immediate support."

"The BOJ will release its Monetary Policy Statement on current Asian session, a risk factor for all yen pairs, as the statement needs to be strongly dovish to favor yen losses and revert current short term negative tone."

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