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EUR/JPY: looking slightly positive on the 4hr - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen saw some wild action this Thursday, as the currency appreciated during the London session, tracking sharp losses in local share markets, later reversed.

    Key Quotes:

    "The EUR/JPY plunged to a daily low of 125.31, when rumors on the BOJ "checking prices" sent the pair up to of 126.48. Things got quieter in the American afternoon, with the pair being driven higher by EUR demand.

    Technically, the 1 hour chart shows that the pair has been pretty much consolidating between its 100 and 200 SMAs, with the shortest offering an immediate resistance at 126.15. In the same chart, the technical indicators hover around their mid-lines, diverging from each other and therefore unable to offer clear directional clues.

    In the 4 hours chart, a slightly positive tone prevails, as the technical indicators present limited bullish slopes above their mid-lines, although the price remains below a mild bearish 200 SMA, in where selling interest has been containing rallies for the past two weeks."
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