10 Aug 2015
EUR/JPY: neutral / bearish before 136.00 downside - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY shown little progress this past week, having traded in quite a limited range and closing for a second week in-a-row with a doji, clearly reflecting the lack of a clear trend.
Key Quotes:
"Weekly basis, the pair has, however, posted a lower high and a lower low, remaining below the 100 SMA in the 137.60 price zone, all of which maintains the upside well limited. In the daily chart, the 100 and 200 SMAs converge at 135.20, providing on the other hand a major support."
"For the upcoming hours and according to the 4 hours chart, the pair is neutral to bearish, as the technical indicators have turned lower and aim to cross their mid-lines towards the downside, whilst the price stands a handful of pips above a bearish 200 SMA. Should the price break below 136.00, the short term bearish rally can extend down to the mentioned 135.20 level before finding enough demand to stall the decline."
Key Quotes:
"Weekly basis, the pair has, however, posted a lower high and a lower low, remaining below the 100 SMA in the 137.60 price zone, all of which maintains the upside well limited. In the daily chart, the 100 and 200 SMAs converge at 135.20, providing on the other hand a major support."
"For the upcoming hours and according to the 4 hours chart, the pair is neutral to bearish, as the technical indicators have turned lower and aim to cross their mid-lines towards the downside, whilst the price stands a handful of pips above a bearish 200 SMA. Should the price break below 136.00, the short term bearish rally can extend down to the mentioned 135.20 level before finding enough demand to stall the decline."