EUR/JPY: bearish bias below 113.00 - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair turned south after its recent recovery, holding a few pips above the 113.00 figure ahead of Wall Street's close, as the Japanese currency came under demand following tepid US employment data.

Key Quotes:

"The short term picture for the pair is bearish, given that in the 1 hour chart, the price is barely holding above a horizontal 100 SMA, whilst the 200 SMA gains bearish strength above the current level, providing a dynamic resistance around 113.70, while this week high was set at 113.75, a strong resistance area for the upcoming session."

"Technical indicators in the mentioned time frame hold within bearish territory and heading lower, supporting additional slides ahead on a break below the 113.00 figure. In the 4 hours chart, indicators have turned lower around their mid-lines, with the RSI already within negative territory at 45, in line with the shorter term outlook."