The EUR/JPY on the 4-hour time frame has been following a downtrend recently. The price dipped below the key level of 118.00 on 20 August. Bears are pushing the price lower after a weak recovery attempt. The price action in the EUR/JPY is mainly driven by the weakness in the Euro. As of writing, the price is hovering around 118.020 as bulls are struggling to make a recovery.
The 4-hour chart of the EUR/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 119.877. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the EUR/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 119.877. Bulls must break this level in order to regain bullish sentiment in the market.