Forex
EUR/JPY Extends Gains as Bearish Bias Persists
The EUR/JPY currency cross extended its gains for the third consecutive day on Monday, trading around 179.40 during Asian hours.
The bearish near-term tone is reinforced by the fact that the price holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs).
The short-term EMA remains below the longer 50-period EMA, exerting downward pressure on the currency cross.
The 14-day Relative Strength Index (RSI) indicator at 27.71 has slipped into oversold territory, suggesting that while sellers are in control, the pace of decline may soon moderate.