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14 Aug 2015
EUR/JPY: 138.90 is key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY closed the US day flat, having consolidated its latest gains in a tight intraday range.
Key Quotes:
"The Japanese yen saw some limited intraday demand that gave back following positive US data. Technically, however, the short term picture presents a mild negative tone, as in the 1 hour chart, the technical indicators are turning south around their mid-lines. In the same chart, the 100 SMA have advanced further below the current price, now around 137.70 and containing the downside in the case of a sharp decline.
In the 4 hours chart, the RSI indicator has turned flat in overbought levels, whilst the RSI indicator turned lower, and is now approaching its mid-line. Nevertheless, price action suggest the upside is favored, with some steady advance beyond 138.90 required to confirm additional advances."
Key Quotes:
"The Japanese yen saw some limited intraday demand that gave back following positive US data. Technically, however, the short term picture presents a mild negative tone, as in the 1 hour chart, the technical indicators are turning south around their mid-lines. In the same chart, the 100 SMA have advanced further below the current price, now around 137.70 and containing the downside in the case of a sharp decline.
In the 4 hours chart, the RSI indicator has turned flat in overbought levels, whilst the RSI indicator turned lower, and is now approaching its mid-line. Nevertheless, price action suggest the upside is favored, with some steady advance beyond 138.90 required to confirm additional advances."