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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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