EUR/JPY
After reaching the high of 137.51 in early February 2018, this cross pair has gone downwards by more than 770 pips, and this month has also been started on a bearish note. There has been slow but steady bearish movement in the market, as price goes below the supply zone at 130.00. The demand zone at 129.50 has been tested and it would be tested again. It may even be breached to the upside.
The EMA 11 is below the EMA 56, and the RSI period 14 is far below the level 50. More and more demand zones are expected to be breached to the downside. Long trades are not recommended now.
The material has been provided by InstaForex Company - www.instaforex.com