29 Jan 2015
EUR/JPY higher highs and lows stalling
FXStreet (Guatemala) - EUR/JPY is in full recovery mode, trading currently at 133.92 and up from 132.50 from overnight trade.
EUR/JPY has been bid from the off overnight with a steady step ladder rise although the fifth top of the run run of higher lows and highs is coming in lower than the previous high and indicating that the price will fall into a consolidation into the closing session for Asia. Meanwhile however, we still have ground to play for with the amount of data flows from Japan t come. We will see Japanese National and Tokyo inflation figures, unemployment data and industrial production figures.
Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price advanced above its 20 SMA although remains well below 100 and 200 SMAs, while indicators present a quite neutral stance. "The 61.8% retracement of the same rally stands at 134.55, and it will take a clear break above it to confirm a steadier advance towards the 135.00 level."
EUR/JPY has been bid from the off overnight with a steady step ladder rise although the fifth top of the run run of higher lows and highs is coming in lower than the previous high and indicating that the price will fall into a consolidation into the closing session for Asia. Meanwhile however, we still have ground to play for with the amount of data flows from Japan t come. We will see Japanese National and Tokyo inflation figures, unemployment data and industrial production figures.
Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price advanced above its 20 SMA although remains well below 100 and 200 SMAs, while indicators present a quite neutral stance. "The 61.8% retracement of the same rally stands at 134.55, and it will take a clear break above it to confirm a steadier advance towards the 135.00 level."