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EUR/JPY: downside risks persist - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair remains under selling pressure, having extended its decline down to 130.18 daily basis, a couple of pips below the previous weekly low a new multi-month one.

Key Quotes:

"In fact, the pair has posted a lower low and a lower high daily basis for a fourth day in-a-row, and despite the limited downward momentum the bearish trend is firmly in place.

Short term, the 1 hour chart shows that the price has extended well below its moving averages that present strong bearish slopes, while the technical indicators have recovered partially, but remain below their mid-lines, limiting the possibilities of an upward movement.

In the 4 hours chart, the technical indicators are correcting from oversold territory, but remain well into negative territory, while the lack of follow through in price, maintains the risk towards the downside."

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