4 May 2015
Bears eyeing the downside's key 133.90 level - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Japanese yen has weakened further by the end of last week, despite the Bank of Japan has kept its economic policy unchanged.
Key Quotes:
"The strong recovery in stocks has weighted, however, in the Asian currency. Japan will be closed on holidays in this last first of the week, something that should keep volumes limited in the Asian session."
"As for the EUR/JPY, the cross has reached a fresh 3-month high of 135.27 on Friday, but retraced to close the day around the 134.50 region."
"The technical picture favors some additional bearish corrections, as in the 4 hour chart, the Momentum indicator heads sharply lower from overbought levels whist the RSI also corrects south, albeit remains in extreme levels, around 74."
"The level to watch to the downside is 133.90, as a break below it should trigger some short term stops and fuel the decline. An advance beyond the mentioned high on the other hand, exposes the pair to an advance beyond the 136.00 level should the EUR regain its charm."
Key Quotes:
"The strong recovery in stocks has weighted, however, in the Asian currency. Japan will be closed on holidays in this last first of the week, something that should keep volumes limited in the Asian session."
"As for the EUR/JPY, the cross has reached a fresh 3-month high of 135.27 on Friday, but retraced to close the day around the 134.50 region."
"The technical picture favors some additional bearish corrections, as in the 4 hour chart, the Momentum indicator heads sharply lower from overbought levels whist the RSI also corrects south, albeit remains in extreme levels, around 74."
"The level to watch to the downside is 133.90, as a break below it should trigger some short term stops and fuel the decline. An advance beyond the mentioned high on the other hand, exposes the pair to an advance beyond the 136.00 level should the EUR regain its charm."