The EUR/JPY Pair: There Is A Possibility Of A Further Decline
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- EUR/JPY fades Thursday’s uptick and keeps the familiar range.
- The cross seems to have moved into a consolidative phase near term.
EUR/JPY trades within the familiar range and leaves behind Thursday’s uptick to the 143.70 region.
The cross keeps the erratic performance so far this week and extends the corrective downside considering the bearish divergence in the daily RSI seen in past sessions. That said, while further decline should not be ruled out, the cross could likely attempt some consolidation ahead of the probable continuation of the uptrend.
In the meantime, while above the 200-day SMA at 135.23, the prospects for the pair should remain constructive.
EUR/JPY daily chart
