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EUR/JPY: dominant trend far from over - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 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 edged lower following EUR's self weakness, as the Japanese yen remained muted across the board.

    Key Quotes:

    "The pair fell down to 131.31, its lowest since December 18th, and the daily chat shows that the bearish tone remains firm in place, as the price continues extending below a bearish 100 DMA, currently around 133.60, and the line in the sand for the dominant trend."

    "Shorter term, the 4 hours chart shows that the price has accelerated its decline after breaking below a 100 SMA, but managed to bounce from the mentioned low."

    "In the same chart the Momentum indicator hovers directionless around its 100 level, while the RSI indicator has bounced from oversold levels, but remains in bearish territory, suggesting the dominant trend is far from over."
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