EUR/JPY Intraday Technical Analysis
The spot rate broke the intermediate support of its medium term bearish channel at 99.70 leading to an acceleration. A pull back on these levels is expected before reach the lower limit of its channel to 98.00.
Technical indicators do not provide clear signals but approching oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bearish opportunity at the level of 99.70 with the 1st objective at 99.10 and then at 98.90. A break through 99.90 will alter this scenario.
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