EUR/JPY
The bullish effort that is already in place has continued – in the context of a downtrend. This still pales into insignificance when compared to the overall bearish bias, and it should ultimately give good short-selling opportunities. There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards.
The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50 (not yet above it). The market is below the supply zone of 130.50, and moving towards anther supply zone at 131.00. The targeted demand zone would be breached to the downside today or tomorrow. The bears are still under control.
The material has been provided by InstaForex Company - www.instaforex.com
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