EUR/JPY: watching for a break below 112.00 - FXStreet

Valeria Bednarik, chief analyst at FXStreet, noted that EUR/JPY is still holding a strong bearish tone in the short term, following the BoJ and Fed announcements made on Wednesday.

Key Quotes:

"The pair was unable to bounce from such low, as the FED was unable to weaken the yen, and it trades now around 112.40, maintaining a strong bearish tone in the short term, as in the 1 hour chart, the price plunged after  failing to overcome a now bearish 100 SMA, currently around 113.90, while indicators are currently consolidating within oversold readings. In the 4 hours chart, technical indicators have bounced modestly from oversold readings, but lost their upward strength nearby, as the price is also far below their moving averages, reflecting the strength of the bearish move. All in one, the pair is poised to extend its decline, moreover on a break below the 112.00 level."