FXstreet.com (San Francisco) - Thursday saw the EUR/JPY pair extend its pullback from 97.85 resistance this week (50%, 101.59/94.12), having pushed below overnight support to record a fresh 4-day low of 96.32 before finishing the NA session at 96.60.
So far this Friday in Asia, EUR/JPY sits quietly within a 15-pip range around the 96.60 mark. Looking at the daily timeframe chart, price appears to be trading within a technically bearish environment, as the 55-day EMA continues to halt rallies, while the CCI retreats from overbought conditions and is last valued near its midline, at 9, suggesting there’s further downside scope.
A break of mentioned support (96.32) could encourage sellers to pull price back toward the 96.00 figure, while rallies may be limited by 96.83 (21-EMA, 4hr).
So far this Friday in Asia, EUR/JPY sits quietly within a 15-pip range around the 96.60 mark. Looking at the daily timeframe chart, price appears to be trading within a technically bearish environment, as the 55-day EMA continues to halt rallies, while the CCI retreats from overbought conditions and is last valued near its midline, at 9, suggesting there’s further downside scope.
A break of mentioned support (96.32) could encourage sellers to pull price back toward the 96.00 figure, while rallies may be limited by 96.83 (21-EMA, 4hr).
