FX.co ★ Daily analysis of EUR/JPY for May 4, 2018

EUR/JPY

This cross continues to slip further southwards. It has shed 230 pips this week, and about 315 pips since last week. Price is now below the supply level at 130.00, going towards the demand level at 129.50, which is the immediate target for bears. The demand level may even be breached to the downside.

There is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Meanwhile, long trades do not currently look logical or rational.