FxNews—The EUR/JPY pair resumed its bearish trajectory after the prices failed to surpass the 161.9 resistance. In today’s trading session, the currency pair dipped below the 61.8% Fibonacci retracement level, while Stochastic was already hinting at an overpriced Yen.
As of this writing, EUR/JPY trades at approximately 158.7, approaching the 78.6% Fibonacci support level (157.63).
The outlook of the EUR/JPY trend remains bearish as long as the prices are below the 50-period simple moving average or under the descending trendline. With this outlook, the next bearish target could be the 157.63 mark.