EUR/JPY: a bearish bias to close the week - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair aims to close the day with some limited gains, having however, traded in its wider daily range for the week.

    Key Quotes:

    "Draghi's comments dragged the EUR lower in the London session, with the EUR/JPY down to 131.47, a fresh weekly low, from where it bounced up to 132.59. Choppy intraday trading did nothing to modify the ongoing neutral bias in the pair, as the 1 hour chart shows that the technical indicators have turned horizontal around their mid-lines, whilst the early advances beyond the 200 SMA were quickly reverted, and the price is now hovering around its 100 SMA."

    "In the 4 hours chart, the technical indicators have advanced up to their mid-lines, where the recoveries stalled, while the price remains well below a sharply bearish 100 SMA, currently around 132.90, all of which continues to favor a bearish continuation for this last day of the week."
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