21 Jan 2015
EUR/JPY: Settled ahead of BoJ with a current bearish bias - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that the Japanese yen weakened against most of its rivals.
Key Quotes:
"The BOJ will have its monthly monetary policy meeting, largely expected to remain on hold, although any remarks on inflation may be enough to give fresh direction to yen crosses."
"In the meantime, the EUR/JPY advanced to a fresh 4-day high of 137.63, holding above the 137.00 level ahead of Asian opening. The 1 hour chart shows that price found short term support around its 100 SMA now around 136.40, whilst indicators aim higher after bouncing from their midlines, supporting further advances."
"In the 4 hours chart however, indicators are beginning to look exhausted to the upside, and suggest a short term downward correction movement ahead. If the mentioned 136.40 level is enough to attract buyers however, the pair may recover again towards the 138.00 price zone."
Key Quotes:
"The BOJ will have its monthly monetary policy meeting, largely expected to remain on hold, although any remarks on inflation may be enough to give fresh direction to yen crosses."
"In the meantime, the EUR/JPY advanced to a fresh 4-day high of 137.63, holding above the 137.00 level ahead of Asian opening. The 1 hour chart shows that price found short term support around its 100 SMA now around 136.40, whilst indicators aim higher after bouncing from their midlines, supporting further advances."
"In the 4 hours chart however, indicators are beginning to look exhausted to the upside, and suggest a short term downward correction movement ahead. If the mentioned 136.40 level is enough to attract buyers however, the pair may recover again towards the 138.00 price zone."