Forex
EUR/JPY Plummets Below 179.00 Amid Bearish Bias
The EUR/JPY currency cross has slipped below 179.00 as a bearish bias prevails in the market, according to technical analysis from Mitrade.
The 14-day Relative Strength Index (RSI) is near 32, signaling persistent downside pressure on the cross.
The primary barrier for EUR/JPY is the nine-day Exponential Moving Average (EMA) at 179.53, which it has yet to reclaim.
Strategists at Scotiabank note that overnight Euro volatility has picked up ahead of the FOMC, with a breakeven move in spot of about 50 pips.