EUR/JPY—Looks Like There Is More Downside Left
02/17/2016 9:00 am EST
On Tuesday, the staff at FXTimes.com takes a technical look at how the euro traded down against the Japanese yen, points out that there is likely more downside left, and shares their outlook on the impact the German and Euro Area ZEW Economic Sentiment reports may have on them moving forward.
- Euro traded down against the Japanese yen and it looks like there is more downside left.
- There was a support trend line formed on the hourly chart, which was broken to ignite a down move.
- German ZEW Economic Sentiment came in at 1, down from the last reading of 10.2.
- Euro Area ZEW Economic Sentiment was also down from 22.7 to 13.6 in February 2016.
The euro moved down recently against the Japanese yen, and once the bearish pressure increased, the EUR/JPY moved further down. There was a support trend line formed on the hourly chart, which was broken to call for more losses in the near-term.
On the upside, the broken trend line and the 100 MA may act as a sell zone and resistance area.
German ZEW Economic Sentiment
Tuesday, the German ZEW Economic Sentiment, which measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic was published. To read the entire article, click here…
By the Staff at FXTimes.com