7 Apr 2015
EUR/JPY technicals support short term declines - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/JPY technical indicators in the hourly chart support additional short term declines.
Key Quotes
"The EUR/JPY surged to a daily high of 131.28, as yen gains remained subdued by equities upward momentum, but finally capitulated late US session, falling down to 130.56."
"The 1 hour chart shows that the price extended further above its moving averages, although the 200 SMA is above the 100 SMA, which indicates a limited upward strength."
"In the same chart, technical indicators are turning lower above their mid-lines, supporting additional short term declines."
"In the 4 hours chart, the price has been rejected from a bearish 200 SMA, whilst the indicators are turning lower from overbought levels, supporting a downward continuation for the upcoming hours that would extend if the price accelerates below 130.35 the immediate support."
Key Quotes
"The EUR/JPY surged to a daily high of 131.28, as yen gains remained subdued by equities upward momentum, but finally capitulated late US session, falling down to 130.56."
"The 1 hour chart shows that the price extended further above its moving averages, although the 200 SMA is above the 100 SMA, which indicates a limited upward strength."
"In the same chart, technical indicators are turning lower above their mid-lines, supporting additional short term declines."
"In the 4 hours chart, the price has been rejected from a bearish 200 SMA, whilst the indicators are turning lower from overbought levels, supporting a downward continuation for the upcoming hours that would extend if the price accelerates below 130.35 the immediate support."