Daily analysis of EUR/JPY for May 8, 2018

EUR/JPY

This EUR/JPY cross has dropped by 380 pips since April 26. Roughly 120 pips have been lost within Monday and Friday, owing to the weakness in EUR and a show of energy in JPY. There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards.

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The market has moved below the supply zone at 129.50, going towards the demand zone at 129.00. The targeted demand zone would be breached to the downside today or tomorrow. Bulls are being ridiculed at the moment.

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