The EUR/JPY currency pair on the 4-hour time frame has been following a downtrend recently. The price reached the lowest level of 2019 at 123.378 on 6 May. The recent action in the EUR/JPY is mainly driven by the strength in the Japanese Yen.
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 well below the 200-period 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, first resistance level lies at 125.215 (High of 1 May). Bulls must break this level in order to regain bullish sentiment in the market.
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 well below the 200-period 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, first resistance level lies at 125.215 (High of 1 May). Bulls must break this level in order to regain bullish sentiment in the market.