26 Mar 2015
EUR/JPY: Upside favoured short term - FXStreet
FXStreet (Bali) - The short term technical picture favors the upside in EUR/JPY, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"The EUR/JPY pair recovered above the 131.00 mark on the back of renewed EUR demand, but traded within a tight range for most of the last 24 hours."
"The short term technical picture favors the upside, as the 1 hour chart shows that the price develops below its 100 and 200 SMAs, both well below the current level, whilst the technical indicators aim slightly higher above their mid-lines.
"In the 4 hours chart, the price held above its 100 SMA, although the Momentum indicator has turned sharply lower above its mid-line, whilst the RSI aims higher around 62, limiting the upside at the time being. The price needs to break above the 131.50 area, where it has several intraday highs and lows, to be able to extend its gains further in the short term."
Key Quotes
"The EUR/JPY pair recovered above the 131.00 mark on the back of renewed EUR demand, but traded within a tight range for most of the last 24 hours."
"The short term technical picture favors the upside, as the 1 hour chart shows that the price develops below its 100 and 200 SMAs, both well below the current level, whilst the technical indicators aim slightly higher above their mid-lines.
"In the 4 hours chart, the price held above its 100 SMA, although the Momentum indicator has turned sharply lower above its mid-line, whilst the RSI aims higher around 62, limiting the upside at the time being. The price needs to break above the 131.50 area, where it has several intraday highs and lows, to be able to extend its gains further in the short term."