EUR/JPY

Like the USD/JPY pair, the EUR/JPY pair has also broken out significantly in favor of bears. The strong pullback in the market (the current bearish breakout) has already put an end to the recent ranging situation in the market. About 300 pips have been shed from the high of this week.

Some fundamental figures are expected today and they may have impact on the market. There is now a Bearish Confirmation Pattern in the market. The EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 is already below the level of 50.