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EUR/JPY needs to breach 126.50 for steeper advance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY has found buying interest ahead of the Tokyo session, with the price re-visiting the 126.00 round number, first tested during the last US session.

    According to Valeria Bednarik, Chief Analyst at FXStreet, "at this point, a strong advance through 126.50 is required to confirm a steeper advance that can extend up to the 127.00/30 price zone."

    Key Quotes

    "The pair ends the day with a doji, barely 10 pips above its Friday's close, and with a neutral short term technical stance, as in the 1 hour chart, the price remains below its 100 and 200 SMAs, both converging around 125.80, while the technical indicators stand pat above their mid-lines."

    "In the 4 hours chart, the 200 SMA continued capping the upside, as the pair remains unable to extend beyond it, while the technical indicators hover around their mid-lines, lacking clear directional strength."

    "Should the Nikkei track Wall Street's gains, the JPY may weaken further, but EUR gains will likely remain limited in a risk-appetite environment. At this point, a strong advance through 126.50 is required to confirm a steeper advance that can extend up to the 127.00/30 price zone."
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