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    EUR/JPY consolidates below 119.00 at the lowest since 2013 Matías Salord

    EUR/JPY  is falling for the sixth day in a row weakened by risk aversion and ahead of tomorrow’s FOMC meeting. The pair currently trades around, 118.80, headed toward the lowest daily close since January 2013.Today the pair dropped sharply during the European session (when EUR/USD plummeted) and bottomed at 118.51. The area around 118.50 has now become the short-term support to watch. From the lows, it bounced modestly to the upside and during the last hours, it has been trading in a range between 119.10 and 118.65EUR/JPY technical outlook“In the short term, the 1 hour chart shows that the 100 and 200 SMAs have extended their declines well above the current level, whilst the technical indicators present modest bearish slopes well below their mid-lines”, said Valeria Bednarik, Chief Analyst at FXStreet.According to her the 4-hour chart, shows technical indicators hold flat within oversold readings, as the latest decline seems a bit overextended. “Upward corrective movements will likely depend on FED's announcement, but it would take an unlikely recovery beyond 120.00 to revert the dominant bearish trend.”  

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