18 Jun 2015
EUR/JPY: Flirts with 140.00 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the EUR/JPY cross has flirted with the 140.00 level following FED's latest decision, as the Japanese Yen has been under selling pressure ever since the day started.
Key Quotes:
"With no catalyst behind JPY weakness, the pair has seen some wild spikes after the news, but seems to have recovered its bullish trend. Short term, the 1 hour chart shows that the price has recovered above the 100 and 200 SMAs, albeit the largest remains above the shortest, still not confirming a dominant bullish tone."
"In the same chart, the technical indicators have partially corrected overbought readings, but remain well above their mid-lines, whilst in the 4 hours chart, the 100 SMA has accelerated further below the current price whist the technical indicators remain in positive territory, albeit lacking upward strength."
"The critical level to watch over the upcoming hours, should the price advance beyond 140.00 is the 140.50 price zone, as a break above it should lead to a steady advance up to 141.00."
Key Quotes:
"With no catalyst behind JPY weakness, the pair has seen some wild spikes after the news, but seems to have recovered its bullish trend. Short term, the 1 hour chart shows that the price has recovered above the 100 and 200 SMAs, albeit the largest remains above the shortest, still not confirming a dominant bullish tone."
"In the same chart, the technical indicators have partially corrected overbought readings, but remain well above their mid-lines, whilst in the 4 hours chart, the 100 SMA has accelerated further below the current price whist the technical indicators remain in positive territory, albeit lacking upward strength."
"The critical level to watch over the upcoming hours, should the price advance beyond 140.00 is the 140.50 price zone, as a break above it should lead to a steady advance up to 141.00."