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EUR/JPY looks grim

EUR/JPY looks grim

Information is not investment advice

The current risk aversion is encouraging the safe-haven demand for the JPY, while the weakness of the euro area’s economy is hurting the EUR. As a result, EUR/JPY will likely remain under pressure. Last week’s attempt of the pair to recover failed. Now there are all reasons to expect the continuation of the slide to lower levels, especially as long as the euro remains below the weekly pivot point at 117.18. The evident target is the 78.6% Fibonacci retracement level of the 2016-2018 advance at 115.40. 

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The upside of EUR/CHF has so far been limited by 1.0975. On Monday, the pair slipped below 1.0940 resuming the decline that started last week.

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