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14 Apr 2015
EUR/JPY: Bears on top with SMA's bearish cross over - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding the EUR/JPY market in the US session.
Key Quotes:
"The Japanese yen advanced sharply at the beginning of the US session, following comments from PM Abe's advisor Koichi Hamada, who stated that the 105.00 would be the appropriate quotation for the USD/JPY given purchasing power parity."
"The EUR/JPY cross fell down to 126.50 following the news, fueled by EUR self weakness, from where it posted a limited bounce before resuming its slide."
"The 1 hour chart shows that the pair maintains a strong short term bearish tone, with the 100 SMA crossing below the 200 SMA above the current level, and the technical indicators heading lower below their mid-lines. In the 4 hours chart, the Momentum indicator aims slightly higher below the current level, whilst the RSI indicator turned lower around 30, all of which favors another leg lower, particularly if the pair extends below the mentioned low."
Key Quotes:
"The Japanese yen advanced sharply at the beginning of the US session, following comments from PM Abe's advisor Koichi Hamada, who stated that the 105.00 would be the appropriate quotation for the USD/JPY given purchasing power parity."
"The EUR/JPY cross fell down to 126.50 following the news, fueled by EUR self weakness, from where it posted a limited bounce before resuming its slide."
"The 1 hour chart shows that the pair maintains a strong short term bearish tone, with the 100 SMA crossing below the 200 SMA above the current level, and the technical indicators heading lower below their mid-lines. In the 4 hours chart, the Momentum indicator aims slightly higher below the current level, whilst the RSI indicator turned lower around 30, all of which favors another leg lower, particularly if the pair extends below the mentioned low."