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EUR/JPY: strong intra day resistance should cap - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 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 shed all of its weekly gains amid a weakening EUR, whilst the JPY held to its recent gains triggered by the BOJ last week.

    Key Quotes:

    "The daily chart for the EUR/JPY shows that the price has extended further below a bearish 100 DMA, while the technical indicators are reaching lower lows within bearish territory, all of which maintains the risk towards the downside."

    "Shorter term, the 1 hour chart shows that the technical indicators are aiming to correct higher from oversold territory, but that the price remains well below the 100 and 200 SMAs, with the shortest around 132.15, providing a strong intraday resistance during the upcoming hours."

    "In the 4 hours chart, the price develops below its moving averages, albeit the 100 SMA continues heading higher above the 200 SMA, while the technical indicators have turned flat in negative territory, limiting the possibility of a strong decline."
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