13 Aug 2015
EUR/JPY: technicals suggest bullish trend to resume - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY surged to its highest since late June, reaching 138.85 before retreating some 20 pips by the end of the day.
Key Quotes:
"The pair was favored by EUR's demand, as the Japanese yen also strengthened this Wednesday, following a slump in worldwide stock's markets."
"The 1 hour chart shows that the price has advanced steadily above its moving averages, whilst the Momentum indicator presents a strong bearish divergence, posting lower lows and about to cross its mid-line towards the downside."
"In the same chart, the RSI indicator turned lower around 59, suggesting the pair may correct lower in the short term."
"In the 4 hours chart however, the technical indicators maintain tepid bullish slopes in overbought territory, whilst the candles post higher highs and higher lows, suggesting the bullish trend will prevail despite a short term downward corrective move."
Key Quotes:
"The pair was favored by EUR's demand, as the Japanese yen also strengthened this Wednesday, following a slump in worldwide stock's markets."
"The 1 hour chart shows that the price has advanced steadily above its moving averages, whilst the Momentum indicator presents a strong bearish divergence, posting lower lows and about to cross its mid-line towards the downside."
"In the same chart, the RSI indicator turned lower around 59, suggesting the pair may correct lower in the short term."
"In the 4 hours chart however, the technical indicators maintain tepid bullish slopes in overbought territory, whilst the candles post higher highs and higher lows, suggesting the bullish trend will prevail despite a short term downward corrective move."