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3 Aug 2015
EUR/JPY: a sell on rallies through 137.00 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY erased most of its weekly gains, closing last week around the 136.00 level, weighed by a weaker EUR and a mostly flat Japanese yen.
Key Quotes:
"The daily chart for the pair shows that it held above its 200 SMA, currently around 135.50, and providing an immediate support, whilst the technical indicators maintain a neutral stance, stuck around their mid-lines."
"In the shorter term, the 4 hours chart presents a neutral-to-bearish stance, with the price contained between is 100 and 200 SMAs, and the technical indicators lacking directional strength below their mid-lines."
"For much of July, selling interest has surged on spikes beyond the 137.00 level, and seems unlikely the pair will break above it during the firsts days of next week, so approaches to it should be consider selling opportunities. A break below the mentioned weekly low, on the other hand, should fuel the slide towards the 134.60 price zone."
Key Quotes:
"The daily chart for the pair shows that it held above its 200 SMA, currently around 135.50, and providing an immediate support, whilst the technical indicators maintain a neutral stance, stuck around their mid-lines."
"In the shorter term, the 4 hours chart presents a neutral-to-bearish stance, with the price contained between is 100 and 200 SMAs, and the technical indicators lacking directional strength below their mid-lines."
"For much of July, selling interest has surged on spikes beyond the 137.00 level, and seems unlikely the pair will break above it during the firsts days of next week, so approaches to it should be consider selling opportunities. A break below the mentioned weekly low, on the other hand, should fuel the slide towards the 134.60 price zone."