26 Nov 2013
EUR/JPY pressing against 137.00/20, weak Tk/Kj cross on the hourly
FXstreet.com (Barcelona) - EUR/JPY came down to test intraday support zone at 137.10/20 after failing to maintain most of its daily gains along the US session, with 138.00 offers blocking the steady bullish progress.
EUR/JPY, weak Tk/Kj cross on the hourly
From an ichimoku standpoint, the pair had a weak tenkan/kijun cross on the hourly, an occurrence which paves the way for price to test the top of the cloud (Senkou span A) just below 137.00, a level converging with the 20-ema on the H4 chart. Higher time frames still support the bullish bias, and so far, the retracement is simply seen as a rebalancing of prices on o/b reads.
EUR/JPY needs to break 138.00
Going forward, "the upside continues to be favored, with a break above 138.10 area pointing for a slow but steady advance up to 140.00" notes Valeria Bednarik, Chief Analyst at FXstreet.com. EUR/JPY awaits clues for next direction from Nikkei.
EUR/JPY, weak Tk/Kj cross on the hourly
From an ichimoku standpoint, the pair had a weak tenkan/kijun cross on the hourly, an occurrence which paves the way for price to test the top of the cloud (Senkou span A) just below 137.00, a level converging with the 20-ema on the H4 chart. Higher time frames still support the bullish bias, and so far, the retracement is simply seen as a rebalancing of prices on o/b reads.
EUR/JPY needs to break 138.00
Going forward, "the upside continues to be favored, with a break above 138.10 area pointing for a slow but steady advance up to 140.00" notes Valeria Bednarik, Chief Analyst at FXstreet.com. EUR/JPY awaits clues for next direction from Nikkei.