Source: Forex Analysis
After ranging in the first few days of this week, the EUR/JPY pair broke out significantly in favor of bears. About 300 pips have been shed from the high of this week, and the bias on the market has become essentially bearish. There could be occasional upwards bounces along the way, but price is expected to continue going downwards.
The demand level at 128.00 has been tested several times, and it would soon be breached to the downside. 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.
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