EURJPY dipped below 130.00 to touch 129.75 on the first trading day of 2016. The technical setup favors a retest of the November 2015 low of 129.65 and below this the April 2015 low 126.08.
The market is below the daily Ichimoku cloud and also below the 200-day moving average, highlighting the bearish bias. The RSI is below 50 in bearish territory, suggesting there is downward momentum. Prices would have to rise back above the cloud and above the key 134.00 level to shift the bias to a more bullish tone.
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