EUR/JPY Sign Diagnosis: The bearish vibe stays intact below the mid-161.00s

  • EUR/JPY trades on a softer narrate shut to 161.30 amid the growing risk of a March rate hike from the BoJ. 
  • The horrid maintains the bearish tone below basically the most basic EMA; RSI momentum indicator lies below the 50-midline. 
  • The first upside barrier is viewed at 161.65; the initial enhance stage for the horrid is found at 160.87. 

The EUR/JPY horrid edges lower to 161.30 all around the early European session on Wednesday. Most firms contain agreed to offer sizeable pay increases at annual talks with commerce unions, paving the approach for the Bank of Japan (BoJ) to discontinue negative ardour charges as early as subsequent week. This, in turn, lifts the Eastern Yen (JPY) and creates a headwind for the EUR/JPY horrid. 

In accordance with the four-hour chart, EUR/JPY retains the bearish vibe unchanged as the horrid holds below the 50- and 100-interval Exponential Transferring Averages (EMA). Furthermore, the Relative Strength Index (RSI), which lies below the 50-midline, supports the sellers for the time being. 

The indispensable upside barrier for EUR/JPY will emerge at the confluence of the upper boundary of the Bollinger Band and the 50-interval EMA at 161.65. Extra north, the next hurdle is viewed at the 100-interval EMA at 161.85. Any follow-thru in the hunt for above this stage will leer a rally to a excessive of March 8 at 162.17, followed by a excessive of March 6 at 162.95. 

On the opposite hand, the initial enhance stage for the horrid is found at a low of March 12 at 160.87. The next contention stage is viewed at the lower limit of the Bollinger Band 160.25. The extra blueprint back filter to observe is a psychological round designate at 160.00. 

EUR/JPY four-hour chart

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