16 Jun 2014
EUR/JPY erases losses, rises back above 138.00
FXStreet (Córdoba) - The EUR/JPY is about to end Monday above 138.00, trading at 138.20, less than 20 pips above Friday’s closing price. During the European session bottomed at 137.68, hitting the lowest level since early February.
Afterwards, the Euro gained momentum across the board and pushed the EUR/JPY to the upside. The pair erased losses and consolidated above 138.00.
EUR/JPY technical outlook
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly charts show a very limited positive tone, “with indicators losing upward strength above their midlines, and price right above a still bearish 100 SMA”.
Bednarik notes that in the 4 hours chart “a mild positive tone comes from technical readings, as indicators head higher around their midlines, albeit the lack of momentum conditions the possibility of a run higher”.
Afterwards, the Euro gained momentum across the board and pushed the EUR/JPY to the upside. The pair erased losses and consolidated above 138.00.
EUR/JPY technical outlook
According to Valeria Bednarik, Chief Analyst at FXStreet the hourly charts show a very limited positive tone, “with indicators losing upward strength above their midlines, and price right above a still bearish 100 SMA”.
Bednarik notes that in the 4 hours chart “a mild positive tone comes from technical readings, as indicators head higher around their midlines, albeit the lack of momentum conditions the possibility of a run higher”.