7 May 2015
EUR/JPY sees downside risks – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, remains of the view that EUR/JPY techincals suggest the pair sees downside risks, expecting a break below 134.50 to expose 134 and below it 133.40.
Key Quotes
“Technically, on the daily chart, EUR/JPY has turned sharply lower, rebound from fresh three month highs at 135.99 levels. The cross remains well support at 5-DMA and trend line support convergence around 134.60-134.50 zone.”
“The daily RSI at 71.13 aims lower, sitting in an extremely overbought zone and indicates that EUR/JPY remains exposed to further downside risks.”
“A break below 134.50 – key support may fall to the immediate support of 134 handle. A break below 134 floors would open for a retest of 10-DMA located at 133.40 and below that at 100-DMA placed at 132.20.”
Key Quotes
“Technically, on the daily chart, EUR/JPY has turned sharply lower, rebound from fresh three month highs at 135.99 levels. The cross remains well support at 5-DMA and trend line support convergence around 134.60-134.50 zone.”
“The daily RSI at 71.13 aims lower, sitting in an extremely overbought zone and indicates that EUR/JPY remains exposed to further downside risks.”
“A break below 134.50 – key support may fall to the immediate support of 134 handle. A break below 134 floors would open for a retest of 10-DMA located at 133.40 and below that at 100-DMA placed at 132.20.”