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EUR/JPY – Price reached 2-year low

FX:EURJPY   歐元 / 日圓
The EUR/JPY on the 4-hour time frame has been following a downtrend recently. The price dipped below 116.800 on 30 August to register the lowest level of period under study at 116.411. Bears are pushing the price lower as key technical indicators are supporting the bearish trend . The price action in the EUR/JPY is mainly driven by the weakness in the Euro . As of writing, the price is hovering around 116.685 with negative MACD and price below 200 period simple moving average .
The 4-hour chart of the EUR/JPY confirms the negative sentiment in the price movement as the currency 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 119.622. Bulls must break this level in order to regain bullish sentiment in the market.
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