EUR/JPY tests highs around 124.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    With the EUR in neutral mode, and the Japanese yen weakening on firmer US yields and rising equities, the EUR/JPY pair advanced briefly above the 124.00 mark, reversing most of its Monday losses.

    Holding near daily highs, EUR/JPY is currently trading at 123.99, recording a 1.11% gain on Tuesday.

    EUR/JPY technical view

    “The short term technical picture remains bullish, as in the 1 hour chart the price extended above its 100 SMA, whilst the technical indicators are partially losing their upward strength, but remain near overbought levels,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, an upward continuation is still to be confirmed, most likely with an upward acceleration beyond last week high around 125.00, as the Momentum indicator heads higher, but below the 100 level, while the RSI seems more constructive, advancing at 52. In this last time frame, the 100 SMA has accelerated further below the 200 SMA, with the shortest around 125.90, too far away to be relevant this Wednesday.”

    Support levels: 123.40 122.80 122.35. Resistance levels: 124.10 124.55 125.00.
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