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EUR/JPY: watch 131.80 support as key - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 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 advanced up to 133.12 as the Japanese yen weakened during the Asian session, but the pair reverted its intraday gains in the American afternoon, following plummeting stocks.

    Key Quotes:

    "Ending the day a few pips above its daily opening, the 1 hour chart shows that the pair has temporally advanced above its 100 and 200 SMAs before returning below them by the end of the day, whilst the technical indicators head south below their mid-lines, anticipating some further declines.

    In the 4 hours chart, the 100 SMA has widened the distance with the 200 DMA, with the shortest offering a dynamic resistance around 133.55. In the same chart, the Momentum indicator is posting a tepid bounce from its mid-line, although the RSI indicator heads south around 47, anticipating a downward continuation, particularly on a break below 131.80 the immediate support."
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