27 Aug 2015
EUR bears see the EUR/JPY off until Wall Street bounced - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet note that the Euro negative tone helped the EUR/JPY pair to reach a fresh 3-week low of 135.43, from where it managed to bounce some amid rising Wall Street pressuring the Japanese Yen.
Key Quotes:
"The pair however, seems unable to retake the 136.00 level, and the 1 hour chart shows that the price remains well below its 100 and 200 SMAs, both around 137.80/90 and slowly catching up with the latest sharp decline. In the same chart, the technical indicators remain in extreme oversold levels, with the RSI indicator turning south around 33 and reflecting the lack of buying interest."
"In the 4 hours chart, the price is well below their moving averages, while the Momentum indicator is bouncing well into negative territory and the RSI hovers around 33, in line with the shorter term view. At this point the price needs to extend beyond 136.65 to be able to reverse its current bearish bias, albeit additional declines below the mentioned daily low, exposes the pair to a steady decline towards the 134.40 price zone."
Key Quotes:
"The pair however, seems unable to retake the 136.00 level, and the 1 hour chart shows that the price remains well below its 100 and 200 SMAs, both around 137.80/90 and slowly catching up with the latest sharp decline. In the same chart, the technical indicators remain in extreme oversold levels, with the RSI indicator turning south around 33 and reflecting the lack of buying interest."
"In the 4 hours chart, the price is well below their moving averages, while the Momentum indicator is bouncing well into negative territory and the RSI hovers around 33, in line with the shorter term view. At this point the price needs to extend beyond 136.65 to be able to reverse its current bearish bias, albeit additional declines below the mentioned daily low, exposes the pair to a steady decline towards the 134.40 price zone."