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EUR/JPY downside testing below 20 SMA

FXStreet (Guatemala) - EUR/JPY dropped along with the Yen crosses as risk-off markets took a hold and drove the price down to test the bulls commitments through the 136.80 support area.

The FOMC was the trigger in overnight markets in a mixed display of trade across industry. The FX space was finally dominated by investors looking for a safe haven while the FOMC outcome was digested and determined as a bearish outlook for the Global economy, provoking a sell-off in equities.

We are negative on the S&P futures again post a negative open in Asia and we will wait to see the effect in EM's and how the tone will be leading into October's meeting, while all months are live and a rate hike could come at any time depending on progress in the Global recovery, in the labour market and the FOMC's outlook towards their 2% inflation target.

EUR/JPY levels

Technically, the cross has turned negative and has penetrated the 20 SMA on the hourly chart at 136.88. MACD on the same time frame is also turning more negative. To the downside, 136.60/40 guards 136.00 and location of the 200 SMA at 136.08. Then, 134.80 guards 133.10 and 131.80 further out.

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