10 Aug 2015
EUR/JPY: 137.80 on the cards - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY surged to its highest in four weeks reaching the 137.30 price zone, where it stands by the close, supported by a strong EUR and a weak JPY.
Key Quotes:
"The 1 hour chart shows that the price advanced sharply above its 100 and 200 SMAs that converge around 136.00, whilst the technical indicators are giving signs of exhaustion in overbought levels, suggesting at least some consolidation ahead of a next move."
"In the 4 hours chart, the Momentum indicator heads sharply higher above the 100 level, while the RSI indicator also heads north, despite being in overbought territory, supporting an advance up to the 137.80 price zone, where the 200 SMA has contained the upside since mid June."
Key Quotes:
"The 1 hour chart shows that the price advanced sharply above its 100 and 200 SMAs that converge around 136.00, whilst the technical indicators are giving signs of exhaustion in overbought levels, suggesting at least some consolidation ahead of a next move."
"In the 4 hours chart, the Momentum indicator heads sharply higher above the 100 level, while the RSI indicator also heads north, despite being in overbought territory, supporting an advance up to the 137.80 price zone, where the 200 SMA has contained the upside since mid June."