FX.co ★ Daily analysis of EUR/JPY for May 11, 2018

EUR/JPY

There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards. The northward effort that is already in place has continued. This still pales into insignificance when compared to the overall bearish bias, and it should ultimately give good short-selling opportunities.

The next demand zones at 130.00 and 129.50 would be breached to the downside today or next week. The bears are still under control. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50 (not yet above it).