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The EUR/JPY pair turned to the downside in the short term. At the time of writing, it was trading at 149.78. After its strong upwards movement, a downside movement is natural. The price action signaled exhausted buyers. Still, a larger correction needs strong confirmation.
Fundamentally, the Japanese Yen received a helping hand from the Japanese Unemployment Claims which dropped to 2.6% below 2.7% expected. On the other hand, Spanish Flash CPI, M2 Money Supply, and Private Loans came in worse than expected.
Tomorrow, Japan is to release Retail Sales, Prelim Industrial Production, Housing Starts, and Consumer Confidence. Still, the German Prelim CPI could be decisive in the short term.
Technically, the rate dropped below the median line (ML) and under the uptrend line, signaling that the upwards movement could be over. Now, it has found support at 149.79 and is fighting hard to rebound.
The uptrend line, median line (ml), the pivot point (150.17), and the downtrend line represent upside obstacles. Personally, I've drawn a downtrend line, so as long as it stays below it, the EUR/JPY pair could approach and reach new lows.
A valid breakdown below 149.79 activates more declines. The weekly S1 (149.42) represents the first downside target. Taking out this level activates a larger drop.
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