EUR/JPY
The initial targets for this week have already been met, and the EUR/JPY cross still has much room to go southwards. As anticipated, there is now a transitory upwards bounce in the market, but price would resume its downwards journey. The next targets are the demand zones at 125.00 and 124.50.
There is already a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This is a bear market, and long trades are not currently logical, owing to a measure of stamina in JPY.
