11 Jul 2014
EUR/JPY bears take control - FXStreet
FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, breaks down an intraday technical analysis on EUR/JPY, noting that bears are the force in control short term.
Key Quotes
"Yen soared all through the day, easing some by the end of the US session on recovering yields that bottomed intraday around 2.5%. Stocks tumbled and yen followed, but when stocks bounced back yen presented mild losses against most rivals, which keeps the risk of yen crosses to the downside."
"Technically, the pair extended down to 137.49, a few pips above last support possible, and closes the day below the 137.90 mark having been rejected from this last in an attempt to recover."
"The hourly chart shows indicators correcting higher form extreme oversold readings, but price seems unable to follow, while 100 SMA maintains a strong bearish slope well above current price. In the 4 hours chart the picture is pretty similar, with recoveries up to 138.40 seen as corrective now."
"A break below 137.40 on the other hand, exposes the pair to a continued slide, eyeing 136.60 for this Friday."
Key Quotes
"Yen soared all through the day, easing some by the end of the US session on recovering yields that bottomed intraday around 2.5%. Stocks tumbled and yen followed, but when stocks bounced back yen presented mild losses against most rivals, which keeps the risk of yen crosses to the downside."
"Technically, the pair extended down to 137.49, a few pips above last support possible, and closes the day below the 137.90 mark having been rejected from this last in an attempt to recover."
"The hourly chart shows indicators correcting higher form extreme oversold readings, but price seems unable to follow, while 100 SMA maintains a strong bearish slope well above current price. In the 4 hours chart the picture is pretty similar, with recoveries up to 138.40 seen as corrective now."
"A break below 137.40 on the other hand, exposes the pair to a continued slide, eyeing 136.60 for this Friday."