Friday, October 9, 2015

EUR/JPY: bullish but lacking momentum and strength - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair traded higher in range this Thursday, up to 135.59 in the American afternoon, before easing some amid an overall weak EUR.

Key Quotes:

"The Japanese yen had no life of its own for most of this week, and despite the lack of EUR demand, the pair has a mild bullish tone in the short term, as the 1 hour chart shows that it has met buying interest on declines towards the 100 SMA, currently heading higher around 135.00, whilst the technical indicators hold in positive territory, although lacking directional strength.

In the 4 hours chart, the price is a handful of pips above its 100 and 200 SMAs that anyway present bearish slopes, whilst the Momentum indicator turned lower above its 100 level and the RSI aims slightly higher around 58, failing to signal a steady continuation for the upcoming session."
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