FX.co ★ Daily analysis of EUR/JPY for May 21, 2018

EUR/JPY

The EUR/JPY pair has failed to go seriously upwards like its USD/JPY counterpart. The bias on this cross is bearish, but it is a precarious bias. What the market did last week was a zigzag movement without a clear directional propensity (although the general outlook still remains bearish).

The price moved upwards, downwards, and upwards again, within the supply zone at 131.50 and the demand zone at 129.50. A 200 –pip movement to the upside or to the downside would easily change the bias to bullish or bearish, and that is exactly what is expected this week.