28 May 2014
EUR/JPY stuck circa 139.00 line
FXStreet (Bali) - The EUR/JPY is trading glued to the 139.00 handle, extending the consolidation phase established since May 15.
Early comments by BoJ Governor Kuroda were of little interest for trading purposes, not helping to unravel the current tight range in the pair. Kuroda said "expectation management through communication with market is critical to guiding economy toward recovery."
Traders are therefore still awaiting further clues from both BoJ and ECB on the next set of monetary policy tools to be used.
Technically Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows indicators below their midlines, but so far flat, while 100 and 200 SMAs converge right below current price in the 138.90 price zone. In the 4 hours chart the pair continues to give signs of having bottomed around 138.00, albeit so far lacking enough momentum to confirm further recoveries."
Early comments by BoJ Governor Kuroda were of little interest for trading purposes, not helping to unravel the current tight range in the pair. Kuroda said "expectation management through communication with market is critical to guiding economy toward recovery."
Traders are therefore still awaiting further clues from both BoJ and ECB on the next set of monetary policy tools to be used.
Technically Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows indicators below their midlines, but so far flat, while 100 and 200 SMAs converge right below current price in the 138.90 price zone. In the 4 hours chart the pair continues to give signs of having bottomed around 138.00, albeit so far lacking enough momentum to confirm further recoveries."