FX.co ★ Daily analysis of EUR/JPY for May 9, 2018

Daily analysis of EUR/JPY for May 9, 2018

EUR/JPY

There is a shallow bullish effort on the EUR/JPY cross in the context of a downtrend. The shallow bullish rally should ultimately give good short-selling opportunities. There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards.

The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. The market is below the supply zone 130.00, going towards the demand zones at 129.50 and 129.00. The targeted demand zone would be breached to the downside today or tomorrow. The bears are still in control.