11 Jan 2016
EUR/JPY: safe haven demand fuels downside - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair plummeted on Yen's strength, falling down to a daily low of 127.29 before bouncing some, to end the day below the 128.00 level.
Key Quotes:
"The decline accelerated with Wall Street's opening as US stock turned lower following a positive start, fueling demand for the safe haven currency.
From a technical point of view, the 1 hour chart shows that the price is currently developing below a bearish 100 SMA, whilst the technical indicators head south within bearish territory after bouncing from oversold levels.
In the 4 hours chart, the technical indicators lack directional strength and remain stuck around their mid-lines, yet the price continues developing far below its 100 and 200 SMAs, in line with the dominant bearish trend."
Key Quotes:
"The decline accelerated with Wall Street's opening as US stock turned lower following a positive start, fueling demand for the safe haven currency.
From a technical point of view, the 1 hour chart shows that the price is currently developing below a bearish 100 SMA, whilst the technical indicators head south within bearish territory after bouncing from oversold levels.
In the 4 hours chart, the technical indicators lack directional strength and remain stuck around their mid-lines, yet the price continues developing far below its 100 and 200 SMAs, in line with the dominant bearish trend."