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EUR/JPY: clearly bearish - FXStreet

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that EUR/JPY pair resumed its decline after its Monday's upward corrective move, and fell down to 131.19, ending the day a handful of pips above it.

    Key Quotes:

    "The Bank of Japan will have an economic policy meeting next Thursday, and investors are once again speculating on whether the Central Bank will extend its stimulus program, but chances seem quite limited after the latest officers' statements.

    Technically, the EUR/JPY pair 1 hour chart shows that the price retreated further below its 100 and 200 SMAs which are gaining bearish slope, while the technical indicators head slightly lower below their mid-lines, in line with further declines for this Tuesday.

    In the 4 hours chart, the price remains below a CLEARLY bearish 100 SMA, while the technical indicators remain below their mid-lines, with the RSI indicator accelerating lower around 41, in line with the shorter term view."
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