Range Markets

EUR/JPY keeps losing momentum and breaches 116.00.

Immediately to the downside aligns the yearly lows in the mid-114.00s.

EUR/JPY is extending the leg lower after the bullish attempt seems to have run out of steam in the proximity of the 117.00 yardstick on Tuesday, where is also located the short-term resistance line.

The ongoing leg lower carries the potential to extend further and re-visit the yearly lows in the 114.50 zone in the near-term horizon.

The selling pressure in the cross is predicted to mitigate somewhat above this resistance line, today near 116.60.

EUR/JPY daily chart

Leave a Reply

Your email address will not be published. Required fields are marked *