Daily analysis of EUR/JPY for May 23, 2018

EUR/JPY

The situation on this market is quite similar to what is happening on the USD/JPY pair. The strong pullback in the market (the current bearish breakout) has already put an end to the recent ranging situation on the market. About 300 pips have been shed from the high of this week, and this is simply the beginning.

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There is now a Bearish Confirmation Pattern in the market. The EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 is already below the level 50. Further bearish movement is really anticipated.

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