FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY managed to recover above the 134.00 level after trading as low as 133.42, level reached early in the European session, as the decline in stocks resulted in some intraday JPY gains.
Key Quotes:
"The common currency recovery however, alongside with US stocks bouncing from their lows before the closing bell, resulted in the latest recovery in the pair that anyway is not enough to confirm additional gains, as the daily chart shows that the pair has set a lower low and a lower high, whilst the technical indicators remain in negative territory.
For the upcoming hours, the 1 hour chart shows that the price remains well below its 100 and 200 SMAs, both heading lower in the 134.30/40 region and maintaining the risk towards, the downside, whilst the technical indicators are turning south around their mid-lines, far from signaling a continued upward momentum.
In the 4 hours chart, the price is well below its moving averages, whilst the technical indicators turned flat in negative territory, giving no clues on what's next for the pair."
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