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EUR/JPY: risks to the downside persist - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 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 pair fell on yen's strength, although remains within its recent range. A technical breakout of the USD/JPY which triggered stops was behind the EUR/USD decline towards 133.51 in the American afternoon.

    Key Quotes:

    "Short term, the pair is favored towards the downside, as in the 1 hour chart, the price is now below its 100 SMA, while the technical indicators aim slightly higher, but below their mid-lines, indicating no certain strength at the time being.

    In the 4 hours chart, the pair is near the base of its latest range, a major static support at 133.30, while the RSI indicator turned south around 56 and the Momentum indicator stands flat around its 100 level, all of which fails to suggest a clear directional bias, but maintains the risk towards the downside."
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