14 Sep 2015
EUR/JPY attacked on safe haven flows again - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair slid down to 135.48 this Monday, as the risk aversion triggered during Asian hours spurred demand for the safe-haven yen.
Key Quotes:
"A weakening EUR added to the bearish tone of the pair, and the 1 hour chart shows that the price posted a shallow bounce from a still bullish 100 SMA, although the technical indicators are now turning lower, well below their mid-lines, suggesting the risk remains towards the downside."
"In the 4 hours chart, the technical indicators corrected the extreme overbought readings reached last Friday, and are now posting limited bounces from their mid-lines, but with no actual strength and therefore far from confirming additional advances. At this point, the pair needs to recover above the 136.30 level, to recover its bullish strength, whilst renewed selling pressure below 135.40, exposes the pair to additional declines over the upcoming sessions."
Key Quotes:
"A weakening EUR added to the bearish tone of the pair, and the 1 hour chart shows that the price posted a shallow bounce from a still bullish 100 SMA, although the technical indicators are now turning lower, well below their mid-lines, suggesting the risk remains towards the downside."
"In the 4 hours chart, the technical indicators corrected the extreme overbought readings reached last Friday, and are now posting limited bounces from their mid-lines, but with no actual strength and therefore far from confirming additional advances. At this point, the pair needs to recover above the 136.30 level, to recover its bullish strength, whilst renewed selling pressure below 135.40, exposes the pair to additional declines over the upcoming sessions."