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EUR/JPY rejected off 126.00 resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY saw heavy demand in early Tokyo, sending the pair straight into the 126.00 resistance level - prior triple bottom -, from where offers have managed to cap further upside, allowing a mild correction lower towards 125.80, current price.

    EUR/JPY technicals

    According to Valeria Bednarik, Chief Analyst at FXStreet: "The short term technical picture for the pair suggests that the upward corrective movement can extend, as in the 1 hour chart, the pair met buying interest around its 100 SMA, whilst the technical indicators have recovered from oversold levels, and maintain tepid bullish slopes below their mid-lines."

    "In the 4h chart, the RSI indicator heads higher around 46, while Momentum indicator has resumed its decline within bearish territory, indicating limited scope for rallies and an increasing risk of a downward move towards fresh lows", Bednarik adds.
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