FXstreet.com (Barcelona) - EUR/JPY is selling-off in Asia driven by EUR/USD slide, accelerating post 1.2820 stops being tripped. The pair has touched session lows at 99.81, with next technical support seen at last week's low 99.65. A break lower opens the door for a test of descending 100-day MA at 98.84. First resistance of note seen at 100.00 thru 100.15. According to IFR Markets, "Japanese exporters likely better sellers on rallies 100.00+ now."
Chris Capre, Founder at 2ndSkies, notes: "After peaking at 103.50 about a week and a half ago, the EURJPY has formed two N waves down which is leg 6 of the wave count. This is hinting there is likely another leg down and the price action confirms that with the last pullback being corrective. Also, the chikou is below the price line, and there is a thick kumo ahead, so watch for a potential strong downward tenken-sen kijun-sen cross early this week to catch the next potential leg down."
Chris Capre, Founder at 2ndSkies, notes: "After peaking at 103.50 about a week and a half ago, the EURJPY has formed two N waves down which is leg 6 of the wave count. This is hinting there is likely another leg down and the price action confirms that with the last pullback being corrective. Also, the chikou is below the price line, and there is a thick kumo ahead, so watch for a potential strong downward tenken-sen kijun-sen cross early this week to catch the next potential leg down."
