17 Jun 2014
EUR/JPY: On its way to confirm a double bottom
FXStreet (Bali) - EUR/JPY is trading at 138.37, up 0.11% on the day, having posted a daily high at 138.42 and low at 138.12, with a double bottom potentially found, with confirmation once bulls can take out the 138.50/60 resistance level.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 60.43, down from the last hourly print at 64.36, with ADX at 17.14, down from its previous close at 24.34. Daily RSI sits at 36.90, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 138.06, down from the last close at 138.82 and declining.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly charts shows a very limited positive tone, with indicators losing upward strength above their midlines, and price right above a still bearish 100 SMA. 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."
Valeria adds: "Immediate resistance stands around 138.40, and only steady gains above the level will anticipate an upward continuation towards 139.00 price zone. In the meantime, a break below 137.70 should trigger some stops, and see the downside extending down to 137.20 short term."
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 60.43, down from the last hourly print at 64.36, with ADX at 17.14, down from its previous close at 24.34. Daily RSI sits at 36.90, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 138.06, down from the last close at 138.82 and declining.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly charts shows a very limited positive tone, with indicators losing upward strength above their midlines, and price right above a still bearish 100 SMA. 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."
Valeria adds: "Immediate resistance stands around 138.40, and only steady gains above the level will anticipate an upward continuation towards 139.00 price zone. In the meantime, a break below 137.70 should trigger some stops, and see the downside extending down to 137.20 short term."