EUR/JPY strongest Yen cross, due a minor correction?

FXStreet (Guatemala) - EUR/JPY is currently trading at 136.65 with a high of 136.72 and low of 136.41.

EUR/JPY is consolidating a robust rally from the end of last week's business when the price shot up from the cluster of the 20 and 50 hourly MA's and the ascending channel that had been supported by the 200 SMA on the same time frame since the end of last month's trade.

There was weakness across the board last week in the Yen, but it was prominent in EUR/JPY with risk on markets expanding positioning in various asset classes as evident in the spike in commodity prices and currencies.
EUR/JPY overdone?

Technically, Valeria Bednarik, chief analyst at FXStreet explained that shorter term, the 4 hours chart shows that the price is well above its moving averages while noting that they maintain their tepid bearish slopes and the technical indicators are beginning to look exhausted in overbought territory, supporting a bearish correction on a break below 136.30, the immediate support.
For more information, read our latest forex news.