16 Mar 2016
EUR/JPY: 127.30 on the cards post Fed? - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair gained ground after a dovish FED, reaching 126.44, as JPY gains were limited on the back of soaring stocks.
Key Quotes:
"Despite trading in the green, the pair remains within Tuesday's range, having posted a lower high daily basis, which suggests the upside is still limited. In the shorter term, the 1 hour chart shows that the price is unable to advance above a bullish 100 SMA, while the technical indicators are losing upward strength within positive territory, far however, from suggesting a downward move ahead."
"In the 4 hours chart, the technical indicators head higher, with the RSI indicator already above its mid-line, but the price retreating form a bearish 200 SMA, in line with the shorter term outlook. Nevertheless, additional gains beyond 126.45 should see the pair extend its advance towards the weekly high, at 127.30."
Key Quotes:
"Despite trading in the green, the pair remains within Tuesday's range, having posted a lower high daily basis, which suggests the upside is still limited. In the shorter term, the 1 hour chart shows that the price is unable to advance above a bullish 100 SMA, while the technical indicators are losing upward strength within positive territory, far however, from suggesting a downward move ahead."
"In the 4 hours chart, the technical indicators head higher, with the RSI indicator already above its mid-line, but the price retreating form a bearish 200 SMA, in line with the shorter term outlook. Nevertheless, additional gains beyond 126.45 should see the pair extend its advance towards the weekly high, at 127.30."