EURJPY

EUR/JPY continues to fall in the early New York session. After posting four consecutive red 4-hour candles, the euro is attempting to recover against the Japanese yen, but is finding it tough as the euro remains under pressure.

Key Indicators

• Channel top was noted, with rising price and falling volume. No backtesting of the previous high has occurred. Bearish divergence was observed on the oscillator in the 4-hour timeframe.

Fundamental Context

EURJPY recovered marginally after plunging to a new session low of 184.35. As of this writing, the currency pair is trading above 184.60. However, the overall trend is bearish following early strong selling pressure.