29 Apr 2015
EUR/JPY: Downside limited despite over bought condistions - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY was dragged higher by the EUR upward momentum overnight to three week highs.
Key Quotes:
"EUR/JPY was dragged higher by the EUR upward momentum, breaking through the 130.00 figure during the American afternoon, and extending its advance to a fresh 3-week high of 130.67."
"The 1 hour chart shows that the price stands well above its moving averages, with the 100 and 200 SMAs gaining bullish slope well below the current level, and the technical indicators starting to ease in overbought territory, but far from signaling a downward extension at the time being."
"In the 4 hours chart the technical indicators are losing upward strength, but remain flat well above their mid-lines, something that at least should keep the downside limited during the upcoming hours."
Key Quotes:
"EUR/JPY was dragged higher by the EUR upward momentum, breaking through the 130.00 figure during the American afternoon, and extending its advance to a fresh 3-week high of 130.67."
"The 1 hour chart shows that the price stands well above its moving averages, with the 100 and 200 SMAs gaining bullish slope well below the current level, and the technical indicators starting to ease in overbought territory, but far from signaling a downward extension at the time being."
"In the 4 hours chart the technical indicators are losing upward strength, but remain flat well above their mid-lines, something that at least should keep the downside limited during the upcoming hours."