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EUR/JPY: lacking directional strength - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 18, 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 noted and explained that EUR/JPY edged slightly higher on Friday, although negative in the week at 135.56.

    Key Quotes:

    "The Japanese yen gave back some ground as stocks closed higher in the US for a third week in-a-row, sending investors away from safe haven assets.

    The daily chart shows that the pair continues trading within a large symmetrical triangle, without not a clear trend ever since late July. In the same chart, the pair met selling interest around its 100 DMA at 135.92, the immediate resistance, but held above the 200 DMA, now at 134.46. Both moving averages are horizontal, reflecting the lack of directional strength. In the same chart, the technical indicators have bounced from their mid-lines, and maintain tepid bullish slopes.

    In the 4 hours chart, however, the technical indicators have been rejected from their mid-lines and head south, whilst the 100 and 200 SMAs hover around 135.00/10."
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