29 Feb 2016
Has EUR/JPY found an interim bottom?
According to Valeria Bednarik, Chief Analyst at FXStreet, from a technical standpoint, the daily chart in EUR/JPY suggests an interim bottom may have been found at 122.43.
Key Quotes
"Technically, the daily chart suggests an interim bottom may be under way at 122.43, although some further advances beyond 126.00 are required to confirm a more sustainable recovery, given that the technical indicators have corrected extreme oversold readings, but remain far from showing upward strength."
"In the shorter term, the 4 hours chart shows that the 100 SMA continues extending below the 200 SMA, both well above the current price zone, whilst the technical indicators have lost upward potential, but remain within bullish territory, supporting some gains for this Monday."
Key Quotes
"Technically, the daily chart suggests an interim bottom may be under way at 122.43, although some further advances beyond 126.00 are required to confirm a more sustainable recovery, given that the technical indicators have corrected extreme oversold readings, but remain far from showing upward strength."
"In the shorter term, the 4 hours chart shows that the 100 SMA continues extending below the 200 SMA, both well above the current price zone, whilst the technical indicators have lost upward potential, but remain within bullish territory, supporting some gains for this Monday."