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EUR/JPY: still lacks direction - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted and explained that the EUR/JPY pair edged slightly lower, but held above the 135.00 in extremely thin trading.

    Key Quotes:

    "The decline can be attributed to EUR weakness, as the Japanese yen closed lower against most of its other rivals. An early advance found sellers around the 100 DMA, at 135.90, still the major resistance level to break to see the pair advancing."

    "Short term, the 1 hour chart presents a bearish bias, with the 100 SMA crossing below the 200 DMA above the current level, and the technical indicators lacking directional strength, but well below their mid-lines."

    "In the 4 hours chart, the price hovers around its 100 and 200 SMAs, both horizontal in a tight 20 pips range and reflecting the lack of a directional trend, whilst the Momentum indicator aims higher around 100 and the RSI indicator also heads north, but at 43, all of which limits chances of a stronger advance as long as the mentioned resistance continues to cap the upside."
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