- EUR/JPY bounced off last weekly lows and reclaimed 139.00 amidst a sour market sentiment.
- EUR/JPY Price Analysis: Bearish below the 200-day EMA; otherwise, it could test 141.00.
The EUR/JPY bounces off the last week’s low of 138.01 and climbs above the 139.00 figure, despite a sour sentiment. Hence, the Euro (EUR) gained some ground against the Japanese Yen (JPY), though it would likely be influenced by the Bank of Japan’s (BoJ) Wednesday’s monetary policy decision. At the time of writing, the EUR/JPY is trading at 139.10, up by 0.43%.
EUR/JPY Price Analysis: Technical outlook
Even though the EUR/JPY is printing a leg-up, the overall trend is downwards once the cross dived below the 200-day Exponential Moving Average (EMA) at 140.19. The Relative Strength Index (RSI), although aiming up, it remains at bearish territory, suggesting that sellers remain in charge, while the Rate of Change (RoC), indicates that buyers are in charge. So, EUR/JPY might refrain from opening fresh shorts until having a clearer RSI signal, as the fundamental bias favors the JPY.
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