EUR/JPY: risks remain to the upside, looking to break 115.80 resistance - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen continued weakening against all of its major rivals, edging lower against the EUR, in spite of dollar's weakness and the negative tone of European and American equities.

Key Quotes:

"The EUR/JPY pair extended its advance up to 115.81, its highest since July 29th, when the BOJ decided to keep its economic policy on-hold for another month."

"As for the short term picture of the EUR/JPY pair, the 1 hour chart shows that the technical indicators have retreated modestly from overbought territory, but regained the upside, heading modestly higher, whilst the price is well above its moving averages, all  of which supports some additional advances."

"In the 4 hours chart, technical indicators are hovering within overbought territory, lacking momentum, but with no signs of turning lower, also indicating that the risk remains towards the upside."