29 Jan 2015
EUR/JPY: Break below 132.80 allows 131.70
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, a break below 132.80 in EUR/JPY should allow for further declines, with the next potential target at 131.70.
Key Quotes
"The EUR/JPY eases post FED after establishing a fresh weekly high at 134.35 earlier on the day. The Japanese yen is finding support in falling stocks, as US indexes remain under pressure."
"Technically, the 1 hour chart shows that the price extends below a bearish 100 SMA, capped by 20 SMA whilst indicator turn slightly lower in neutral territory."
"In the 4 hours chart, momentum indicator also turns lower and approaches now to its midline, while the price approaches to the 38.2% retracement of its latest bearish run at 132.80 the immediate support."
"A break below it should favor some continued decline, with little in the way until 131.70."
Key Quotes
"The EUR/JPY eases post FED after establishing a fresh weekly high at 134.35 earlier on the day. The Japanese yen is finding support in falling stocks, as US indexes remain under pressure."
"Technically, the 1 hour chart shows that the price extends below a bearish 100 SMA, capped by 20 SMA whilst indicator turn slightly lower in neutral territory."
"In the 4 hours chart, momentum indicator also turns lower and approaches now to its midline, while the price approaches to the 38.2% retracement of its latest bearish run at 132.80 the immediate support."
"A break below it should favor some continued decline, with little in the way until 131.70."