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EUR/JPY:bias towards the downside below 133.00 - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair gave back all of its recent gains and trades near the 2-week low posted this Monday at 132.43, as the common currency lost its post-ECB attractive.

    Key Quotes:

    "Despite that the Japanese yen eased to fresh lows against the greenback EUR self weakness outpaced the safe-haven one, indicating the decline may extend into next week."

    "From a technical point of view, the bias is towards the downside, as in the 1 hour chart, the price is developing below a mild bearish 10 SMA, currently offering an immediate resistance around 133.00, while the technical indicators remain below their mid-lines, although showing no directional strength.

    In the 4 hours chart, the Momentum indicator heads south below its 100 level, while the RSI indicator also points lower around 42, supporting a downside continuation, particularly on a break below the mentioned weekly low. "
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