EUR/bearishness JPY’s extends to the low-131.00s.
The 100-day SMA at 130.80 is the first point of contention.
So far on Wednesday, the EUR/fall JPY’s appears to have run out of steam at the 131.30 zone.
The cross prompted a move lower after being rejected from last week’s high near 132.70. It now threatens to extend further south in the near term. The 100-day SMA, which is currently at 130.80 ahead of the monthly low in the 130.00 area, provides initial and transitory support (June 21).
The daily RSI is approaching oversold territory, indicating that a possible rebound is in the works.
In the bigger picture, as long as the cross stays above the 200-day SMA at 127.87, the prognosis for the cross should remain positive.
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