25 Jul 2013
EUR/JPY advance capped by resistance
FXstreet.com (New York) - The EUR/JPY technical cross eased slightly Thursday morning, devoid of any sweeping movements thus far during Asian trading.
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY hourly chart shows price well above moving averages, while indicators turn flat in positive territory after correcting extreme overbought readings, suggesting the rally is far from over. In the 4-hours chart, technical readings stand also in positive territory, although lacking strength at the time being.”
EUR/JPY technical bias
In these moments, the EUR/JPY is still clinging to narrow gains of +0.02% during Asian trading Thursday, now settling at 132.39 (50-day SMA). Briefing the technical levels, the EUR/JPY will face calculated resistances at 132.48 (May 24 high), onto 132.60 (May 14 high), and 132.70 (July 24 high).
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY hourly chart shows price well above moving averages, while indicators turn flat in positive territory after correcting extreme overbought readings, suggesting the rally is far from over. In the 4-hours chart, technical readings stand also in positive territory, although lacking strength at the time being.”
EUR/JPY technical bias
In these moments, the EUR/JPY is still clinging to narrow gains of +0.02% during Asian trading Thursday, now settling at 132.39 (50-day SMA). Briefing the technical levels, the EUR/JPY will face calculated resistances at 132.48 (May 24 high), onto 132.60 (May 14 high), and 132.70 (July 24 high).