Monday, September 14, 2015

EUR/JPY testing 136.90 resistance, further gains expected - FXStreet

FXStreet (Bali) - EUR/JPY has shot higher in the early stages of the Asian session, testing resistance at 136.90 ahead of the Tokyo open, with Valeria Bednarik, Chief Analyst at FXStreet, noting that the technical indicators maintain their bullish slopes, supporting additional gains.

Key Quotes

"The pair reached advanced up to 136.92 last Friday, and closed the day a few pips below it, and right above its 100 DMA, whilst in the same chart, the technical indicators maintain their bullish slopes after crossing their mid-lines towards the upside, supporting additional gains for this Monday."

"In the 4 hours chart, however, the technical indicators are giving signs of upward exhaustion in overbought levels, although the price is above its moving averages, not yet confirming a downward corrective move."

"The immediate support stands at 136.30, and a pullback to the level is possible, yet the price needs to extend below the level to confirm a downward continuation for the upcoming sessions."
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