This EUR/JPY cross has dropped by 300 pips since April 26. Roughly 250 pips were shed last week, owing to the weakness in EUR and a show of energy in JPY. There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards, owing to the bearish outlook on the JPY pairs this week.
EUR is weak and JPY is strong, and therefore, long trades are not recommended until it is clear that the situation in the market has changed. The demand zones at 130.00, 129.50, and 129.00 would be reached.
The material has been provided by InstaForex Company – www.instaforex.com