Daily analysis of EUR/JPY for May 2, 2018

EUR/JPY

There is now a bearish bias on the EUR/JPY cross, especially in the short-term. The current "sell" signal is ongoing and the price could drop further to test the demand zones at 131.50 and 131.00. One factor partly responsible for this downwards move is the weakness in EUR, which is ongoing.

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There is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Further bearish movement is a possibility which may enable the price to reach the demand zones at 131.50 and 131.00.

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