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EUR/JPY: Bearish while below 138.40 - FXStreet

FXStreet (Bali) - EUR/JPY keeps its bearish potential intact as long as below 138.40, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"The pair erased in a couple of hours most of it’s latest gains, but what results more significant is that the pair faltered in its recovery near the 138.40 price zone, the land in the sand for the dominant bearish trend."

"As long as below 138.40, the bearish potential will remain intact and having corrected towards that level this week, chances turned to fresh lows below 135.73 one posted in August."

"In the short term, the hourly chart shows indicators consolidating after partially correcting extreme oversold readings, while 100 and 200 SMAs stand now far away above current prices, still flat due to the speed of the slide."

"In the 4 hours chart technical readings maintain a strong downward momentum, yet it now depends also on NFP numbers, a reading that strongly affects the yen.

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