10 Jul 2014
EUR/JPY retraces to 138.50 at Tokyo open
FXStreet (Bali) - EUR/JPY is trading at 138.55, down -0.07% on the day, having posted a daily high at 138.71 and low at 138.51.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 38.25, down from 61.30 at the last hour close, while ADX is trending at 45.70, up from 16.70 previous. Meanwhile, daily RSI is in neutral territory at 46.83. On average, the exponential closing price for the past 20 days is 138.75, with the trend indicating a continuation lower.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows price stalled around its 200 SMA currently at 138.70 as indicators turn lower near overbought levels. In the 4 hours chart the outlook is a bit more positive as indicators head north and are about to cross their midlines. If the pair ever had a chance of recovering the upside, today’s the day: some upward momentum in Asian share markets may be supportive of a bearish yen, and a test of 139.00 price zone seems likely. Nevertheless a break above it is required to confirm further advances towards 140.40 in the upcoming days."
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 38.25, down from 61.30 at the last hour close, while ADX is trending at 45.70, up from 16.70 previous. Meanwhile, daily RSI is in neutral territory at 46.83. On average, the exponential closing price for the past 20 days is 138.75, with the trend indicating a continuation lower.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows price stalled around its 200 SMA currently at 138.70 as indicators turn lower near overbought levels. In the 4 hours chart the outlook is a bit more positive as indicators head north and are about to cross their midlines. If the pair ever had a chance of recovering the upside, today’s the day: some upward momentum in Asian share markets may be supportive of a bearish yen, and a test of 139.00 price zone seems likely. Nevertheless a break above it is required to confirm further advances towards 140.40 in the upcoming days."