EUR/JPY: making fresh lows with bears on top - FXStreet

Valeria Bednarik, chief analyst at FXSteer explained that the EUR/JPY pair keeps trading in a tight intraday range, not far from the 112.80 Fibonacci support, as the market is all about dollar's weakness, with the EUR and the JPY advancing sharply against its American rival.

Key Quotes:

"Still, the pair has managed to post a lower low daily basis, hitting this time 112.36, its lowest in two weeks, indicating that the bearish trend is still present in the background. The short term picture for the pair still favors a downward extension, as in the 1 hour chart, the price failed to advance beyond the 100 and 200 SMAs, both around 113.10/20, whilst the technical indicators have lost upward strength and the RSI indicator already entered negative territory, heading south around 49.

In the 4 hours chart, the 100 SMA has extended its decline above the current level, now converging with a Fibonacci resistance around 113.90, while the Momentum indicator is unable to advance beyond its 100 level and the RSI indicator turned lower, now around 46."