Tuesday, November 3, 2015

EUR/JPY: risk remains to the downside - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair ended the day with limited gains above the 133.00 level, trading however, within Friday's range.

Key Quotes:

"The Japanese yen eased some during the second half of the day as European and American stocks edged higher, helping the pair in recovering some of its latest losses. Nevertheless, the longer term outlook is still bearish, as the daily chart shows that the technical indicators have barely corrected oversold readings whilst the price develops well below its moving averages.

Shorter term, the 1 hour chart shows that the price has advanced some above its 100 SMA while the technical indicators hold above their mid-lines, but lacking upward strength.

In the 4 hours chart, the price remains well below its moving averages, and the technical indicators have turned lower, heading towards their mid-lines, keeping the risk towards the downside."
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