EUR/JPY
The EUR/JPY did not make any strong directional movement last week. The price made a weak bullish effort on Monday and Tuesday, consolidated on Wednesday and then got a bearish correction on Thursday and Friday. Although the ongoing bias is bullish, bulls are obviously getting weaker and weaker, showcasing their lack of interest in pushing the price upwards.
The recent bearish correction may eventually turn out to be something significant. A large movement is expected on EUR/JPY in May, and it would mostly favor bears. Should that occur, things would turn vividly bearish.
The material has been provided by InstaForex Company - www.instaforex.com
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