Monday, October 5, 2015

EUR/JPY: bulls putting the 200 DMA under pressure - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair advanced some on Friday, but closed in the red for a third consecutive week, holding however, within early September range.

Key Quotes:

"The Japanese yen has seen temporal intraday demand after the US NFP release, but the pair held above the 134.00 figure, leading to a positive close.

Technically, the daily chart shows that the pair ended the day a few pips below its 200 DMA, whilst the 100 SMA is turning lower around 136.60, and the technical indicators hold below their mid-lines, maintaining the risk towards the downside, despite the lack of directional momentum. In the 4 hours chart, the price is standing below its moving averages that maintain limited bearish slopes, whilst the technical indicators diverge from each other around their mid-lines.

A steadier advance beyond 135.00 is required to confirm a bullish continuation, whilst below 134.00 the pair can retest the 133.30 price zone, the lows posted late September."
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