EUR/JPY
The currency trading instrument is quite choppy. There is a kind of consolidation in the market. The consolidation can continue this week, but a rise in momentum is also expected. When a breakout occurs, it will most likely be in favor of the bear. Right now, the market is experiencing some upswings and downswings in the short-term.
Generally, there is a Bearish Confirmation Pattern in the market, and it would become clearer as the price goes further downwards, owing to a bearish outlook on the cross. Therefore, initial targets may be put at the demand zones of 130.50, 130.00, and 129.50. A significant rally from here would render this expectation invalid.
