EUR/JPY: upside limited despite BoJ rumours - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Valeria Bednarik, chief analyst at FXStreet noted that the Japanese yen was the overall winner this Thursday, adding over 5% intraday against most of its major rivals.

    Key Quotes:

    "The EUR/JPY fell down to 125.76 before bouncing over 200 pips on rumors of some BOJ's intervention, although no official source confirmed the act. After the dust settled, the pair retreated back towards the current 127.00 level where it consolidates, meeting short term selling interest on attempts to advance."

    "The 1 hour chart shows that the price is currently far below its 100 and 200 SMAs, with the shortest around 128.80, while the technical indicators have bounced from extreme oversold readings, but lost upward strength below their mid-lines, indicating limited chances of further recoveries.

    In the 4 hours chart, the price is well below its moving averages, while the technical indicators have turned flat near oversold levels, also after correcting extreme readings, in line with the shorter term perspective."
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