7 Mar 2016
EUR/JPY: 126.00 is key resistance - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair fell down to 124.23 this Monday, with the yen firmer during Asian trading hours amid some comments from BOJ's Governor Kuroda, suggesting the Central Bank will refrain from adding more easing in the forthcoming meetings.
Key Quotes:
"The advance, however, was limited by improved market sentiment, and the EUR/JPY changed course on EUR's demand. The short term picture for the pair is mild bullish, as in the 1 hour chart the price has recovered after approaching a bullish 100 SMA, currently at 124.25, whilst the technical indicators advanced beyond their mid-lines, albeit are now turning lower, suggesting limited buying interest around the current level.
In the 4 hours chart, the technical bias is bullish, but also limited, as the price struggles to hold above a mild bearish 100 SMA, whilst the technical indicators head north, having bounced from their mid-lines. Friday's high at 125.60 is the immediate resistance level, yet it will take a break beyond 126.00, to offer a more constructive outlook for this week."
Key Quotes:
"The advance, however, was limited by improved market sentiment, and the EUR/JPY changed course on EUR's demand. The short term picture for the pair is mild bullish, as in the 1 hour chart the price has recovered after approaching a bullish 100 SMA, currently at 124.25, whilst the technical indicators advanced beyond their mid-lines, albeit are now turning lower, suggesting limited buying interest around the current level.
In the 4 hours chart, the technical bias is bullish, but also limited, as the price struggles to hold above a mild bearish 100 SMA, whilst the technical indicators head north, having bounced from their mid-lines. Friday's high at 125.60 is the immediate resistance level, yet it will take a break beyond 126.00, to offer a more constructive outlook for this week."