FX.co ★ Daily analysis of EUR/JPY for May 1, 2018

EUR/JPY

Last week, this cross started coming downwards. Although the ongoing bias was bullish, bulls were obviously getting weaker and weaker, showcasing their lack of interest in pushing the price upwards. A "sell" signal has already been generated, and there is now the Bearish Confirmation pattern on the 4-hour chart.

As predicted, the recent bearish correction has eventually turned out to be something significant. The price has moved below the supply zone at 132.00, and further bearish movement is possible, which may enable the price to reach the demand zones at 131.50 and 131.00.