Forex: EUR/JPY consolidates below 100-day EMA

FXstreet.com (San Francisco) - EURJPY is consolidating overnight gains this Wednesday in Asia, trading just off recent 7-week highs (99.18) and below the 100-day EMA (99.25). At the time of writing, EURJPY is quoted in the 98.80 area as it trades a very narrow margin.

Technically speaking, "4-hour momentum is displaying a bearish divergence but this will require confirmation by a break below 97.70," says Ian Copsey, Market Analyst at Harmonic Elliott Wave. "Otherwise hourly momentum is still quite bullish and we have a rising 4-hour price equilibrium that should support price close to the 98.00-40 area."