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EUR/JPY Bulls are losing momentum

EUR/JPY sellers stood their ground and buyers retreated in recent sessions as MACD (26, 12, 9) has fallen off below its median line.

On a 4hr chart, this technical condition may be taken by many trend-following traders as a trigger to liquidate long positions.

The fact that the MACD hasn't been under zero for at least one week of trading, reinforces the argument that room for further EUR/JPY depreciation is there.

USD/JPY clinches highs near 120.40

The greenback continues to pick up pace on Monday, now lifting USD/JPY to test fresh session peaks around 120.40...
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