8 May 2014
EUR/JPY - ECB may act as catalyst to resolve triangle
FXStreet (Bali) - EUR/JPY is trading at 141.70, having posted a high of 142.00, with the lowest achieved earlier in Europe at 141.14.
EUR/JPY triangle still pending resolution
Traders are still awaiting a resolution of a long-held daily triangle connecting the highs from Jan 1 through March 10 peak and the low of Nov 7 through Feb 3 low. The level of maturity of this technical pattern suggests that the ECB could act as the perfect catalyst to unravel the erratic and choppy trading conditions since the second week of April.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the hourly chart price is back above its moving averages, both around 141.70 now, while indicators head higher in positive territory. In the 4 hours chart technical readings stand in neutral territory giving not much clues on what’s next for the pair: as long as between 140.90/142.20 the pair will continue trading range bound, with a break of either extreme probably setting a more directional move for the days to come."
EUR/JPY triangle still pending resolution
Traders are still awaiting a resolution of a long-held daily triangle connecting the highs from Jan 1 through March 10 peak and the low of Nov 7 through Feb 3 low. The level of maturity of this technical pattern suggests that the ECB could act as the perfect catalyst to unravel the erratic and choppy trading conditions since the second week of April.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the hourly chart price is back above its moving averages, both around 141.70 now, while indicators head higher in positive territory. In the 4 hours chart technical readings stand in neutral territory giving not much clues on what’s next for the pair: as long as between 140.90/142.20 the pair will continue trading range bound, with a break of either extreme probably setting a more directional move for the days to come."