29 Apr 2014
EUR/JPY ends below 142.00
FXStreet (Córdoba) - The EUR/JPY that peaked at 142.46, the highest price in three days but reversed sharply following inflation data from Germany and finished the day hovering around 141.70, down 0.16%. The Euro weakened across the board after CPI data while the Yen remained steady.
EUR/JPY technical outlook
“The hourly chart shows price resting on 100 and 200 SMAs, both converging at current levels, while indicators turn flat near oversold readings, far from suggesting a correction higher”, says Valeria Bednarik, Chief Analyst at FXStreet.
The 4 hours charts show indicators heading lower but still in positive territory notes Bednarik. “The pair will likely remain steady ahead of European data early Wednesday, with recoveries above 142.20 required to deny a bearish continuation”.
EUR/JPY technical outlook
“The hourly chart shows price resting on 100 and 200 SMAs, both converging at current levels, while indicators turn flat near oversold readings, far from suggesting a correction higher”, says Valeria Bednarik, Chief Analyst at FXStreet.
The 4 hours charts show indicators heading lower but still in positive territory notes Bednarik. “The pair will likely remain steady ahead of European data early Wednesday, with recoveries above 142.20 required to deny a bearish continuation”.