EUR/JPY Price Analysis: Bears take back control into the Fed
|- EUR/JPY bears are in town capping the spike.
- Markets will now await the FEd, but the downside is compelling.
EUR/JPY has made a firm advance ahead of today's Federal Reserve meeting as the greenback takes a dive.
DXY hourly chart
EUR/JPY hourly chart
While the Fed is a wild car, it should be noted that the daily chart is well and truly overextended:
On the 4-hour chart, the situation is more clear:
There is a structure at the 19th April spike that has a confluence with the 38.2% Fibonacci retracement level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.