- EUR/JPY extends the decline to the vicinity of the 154.00 area.
- The latter’s loss exposes the interim 55-day SMA near 151.70.
He USD/JPY it accelerates its losses and on Tuesday is trading a considerable distance from the 154.00 zone, or lows of almost 4 weeks.
The cross further extends its monthly retracement and threatens to revisit the weekly low at 154.04 (June 20). A break of this level could open the door for a deeper decline to initially the interim 55-day SMA at 151.66.
The daily RSI around 48 still allows the continuation of the bearish movement in the very short term.
For now, the long-term positive outlook for the cross looks favored as long as it stays above the 200-day SMA, today at 145.69.
EUR/JPY daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
