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EUR/JPY: US session recap; strong Yen - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 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 Japanese yen erased most of its post-BOJ losses against its major rivals, and despite strong EUR demand, the EUR/JPY fell down to 130.03 during the US session.

    Key Quotes:

    "The JPY gained as US stocks plunged this Wednesday, with investors spooked by slowing growth news. Technically the 1 hour chart for the EUR/JPY shows that the price is below its 100 SMA, but stalled above a bullish 200 SMA, currently around 129.80, while the technical indicators aim slightly higher below their mid-lines, lacking directional strength.

    In the 4 hours chart, however, the technical picture is clearly bearish, as the technical indicators present bearish slopes well below their mid-lines, while the 100 SMA remains far below the 200 SMA."
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