25 Mar 2015
EUR/JPY: Break lower may target 129.00 - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, a break below the day low in EUR/JPY should see the pair accelerating south, potentially targeting 129.00 for this Wednesday.
Key Quotes
"The EUR/JPY pair gave up half its Monday gains, down on the day to 130.34, and with the 1 hour chart showing that the technical indicators are gaining bearish strength around their mid-lines, although the price remains well above its 100 and 200 SMAs, with the shortest acting as critical dynamic support around 129.80."
"In the 4 hours chart the Momentum indicator heads lower in positive territory, not yet signaling a downward continuation, whilst the RSI continues to retrace from overbought levels, and heads lower around 57. Renewed selling interest below the mentioned daily low should see the pair accelerating south, eyeing an approach to the 129.00 level for this Wednesday."
Key Quotes
"The EUR/JPY pair gave up half its Monday gains, down on the day to 130.34, and with the 1 hour chart showing that the technical indicators are gaining bearish strength around their mid-lines, although the price remains well above its 100 and 200 SMAs, with the shortest acting as critical dynamic support around 129.80."
"In the 4 hours chart the Momentum indicator heads lower in positive territory, not yet signaling a downward continuation, whilst the RSI continues to retrace from overbought levels, and heads lower around 57. Renewed selling interest below the mentioned daily low should see the pair accelerating south, eyeing an approach to the 129.00 level for this Wednesday."