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EUR/JPY supported on BoJ additional easing preference - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  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 added some 20 pips this Monday, but not before posting a lower low daily basis at 127.33.

    Key Quotes:

    "The Japanese yen was generally lower across the board after BoJ's Governor Kuroda repeated that the domestic economy is likely to continue recovering at a moderate pace, whilst reiterating that aggressive easing is still on the cards to achieve and maintain its 2% inflation target. Anyway, the common currency failed to attract buying interest leaving the pair confined in a tight intraday range. Technically and for the short term, the 1 hour chart shows that the 100 and 200 SMAs converge around the 128.00 level, acting as an immediate dynamic resistance, although the technical indicators aim slightly higher above their mid-lines.

    In the 4 hours chart, however, the upside remains quite limited, given that the technical indicators lack directional strength around their mid-lines, whilst the price continues developing far below a sharply bearish 100 SMA."
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