EUR/JPY slumps below 200-DMA, breaks 130 handle to hit 4-week lows at 129.93.
Eurozone investor confidence weakened in October as uncertainties about Italy's fiscal policy and the automobile industry in Germany weigh.
Italian 10-year bond yield rising to 3.5% for the first time since 2014, exerting some downward pressure on the EUR.
Momentum studies are bearish. Stochs and RSI are sharply lower and MACD is showing a bearish crossover on signal line.
Break below 110-EMA at 130.08 to see next major support at 128.87 (50% Fib). Retrace above 200-DMA negates bearish bias.
Good to stay short on upticks, SL: 130.95, TP: 129.90/ 129/ 128.90
Eurozone investor confidence weakened in October as uncertainties about Italy's fiscal policy and the automobile industry in Germany weigh.
Italian 10-year bond yield rising to 3.5% for the first time since 2014, exerting some downward pressure on the EUR.
Momentum studies are bearish. Stochs and RSI are sharply lower and MACD is showing a bearish crossover on signal line.
Break below 110-EMA at 130.08 to see next major support at 128.87 (50% Fib). Retrace above 200-DMA negates bearish bias.
Good to stay short on upticks, SL: 130.95, TP: 129.90/ 129/ 128.90
