EURJPY has been in a bullish trend for quite a long time (150MA above 200MA). On 16th Dec the pair failed to set a new high and since it has been setting lower highs. As shown on the graph, support was broken and tested (support became resistance).
Price below MAs, unable to get above them, 200MA crossed 150MA on 1h chart
Fundamentals: high x/JPY pairs hurt Japanese economy, potentially causing capital outflow; low value of JPY does not help exporters since major Japanese companies already produce and operate abroad; ordinary Japanese safer when their currency is highly valued (in terms of domestic purchasing power)
Forming a new bearish trend? Possible short at around 122.400-500.
Good luck!
Price below MAs, unable to get above them, 200MA crossed 150MA on 1h chart
Fundamentals: high x/JPY pairs hurt Japanese economy, potentially causing capital outflow; low value of JPY does not help exporters since major Japanese companies already produce and operate abroad; ordinary Japanese safer when their currency is highly valued (in terms of domestic purchasing power)
Forming a new bearish trend? Possible short at around 122.400-500.
Good luck!
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