15 Jul 2015
EUR/JPY: 135.40 MA convergence key support - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Japanese Yen gained against most of its rivals, albeit the EUR/JPY pair is barely unchanged intraday.
Key Quotes:
"Daily basis however, the pair has set a lower high and a lower low, in line with the dominant bearish trend. Short term, the 1 hour chart shows that the price has held above its moving averages, with the 100 and 200 SMAs now converging around 135.40, acting as a strong intraday support, whilst the technical indicators present a tepid bearish tone around their mid-lines."
"In the 4 hours chart, the bearish strength is clearer as the technical indicators head lower below their mid-lines, whilst an early advance was contained by a bearish 100 SMA, currently around 136.40. Should the price break below 135.40, a downward continuation is to be expected, with 134.40 as a probable bearish target for this Wednesday."
Key Quotes:
"Daily basis however, the pair has set a lower high and a lower low, in line with the dominant bearish trend. Short term, the 1 hour chart shows that the price has held above its moving averages, with the 100 and 200 SMAs now converging around 135.40, acting as a strong intraday support, whilst the technical indicators present a tepid bearish tone around their mid-lines."
"In the 4 hours chart, the bearish strength is clearer as the technical indicators head lower below their mid-lines, whilst an early advance was contained by a bearish 100 SMA, currently around 136.40. Should the price break below 135.40, a downward continuation is to be expected, with 134.40 as a probable bearish target for this Wednesday."