24 Jun 2015
EUR/JPY: Below 100 SMA first time since May - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that EUR/JPY fell down to the base of these last 3-weeks range around the 138.00 level, as investors dumped the common currency.
Key Quotes:
"The pair has been trading between 137.90 and 141.00 pretty much since June started, which means the range is still in place, albeit the risk towards the downside has increased exponentially."
"Short term, the 1 hour chart shows that the price broke below its 100 and 200 SMAs, with the shortest still above the largest, whilst the Momentum indicator heads sharply lower below the 100 level and the RSI is beginning to look exhausted towards the downside around 24."
"In the 4 hours chart, the price is now below its 100 SMA for the first time since late May, while the Momentum indicator heads slightly lower in neutral territory, but the RSI indicator anticipates additional declines around 35. Should the price break below 137.90, the bearish momentum will likely accelerate by triggering stops, signaling a probable downward continuation towards 135.95, May 18th daily high."
Key Quotes:
"The pair has been trading between 137.90 and 141.00 pretty much since June started, which means the range is still in place, albeit the risk towards the downside has increased exponentially."
"Short term, the 1 hour chart shows that the price broke below its 100 and 200 SMAs, with the shortest still above the largest, whilst the Momentum indicator heads sharply lower below the 100 level and the RSI is beginning to look exhausted towards the downside around 24."
"In the 4 hours chart, the price is now below its 100 SMA for the first time since late May, while the Momentum indicator heads slightly lower in neutral territory, but the RSI indicator anticipates additional declines around 35. Should the price break below 137.90, the bearish momentum will likely accelerate by triggering stops, signaling a probable downward continuation towards 135.95, May 18th daily high."