FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair remains under selling pressure, having extended its decline down to 130.18 daily basis, a couple of pips below the previous weekly low a new multi-month one. Key Quotes: "In fact, the pair has posted a lower low and a lower high daily basis for a fourth day in-a-row, and despite the limited downward momentum the bearish trend is firmly in place. Short term, the 1 hour chart shows that the price has extended well below its moving averages that present strong bearish slopes, while the technical indicators have recovered partially, but remain below their mid-lines, limiting the possibilities of an upward movement. In the 4 hours chart, the technical indicators are correcting from oversold territory, but remain well into negative territory, while the lack of follow through in price, maintains the risk towards the downside." For more information, read our latest forex news.