26 May 2014
EUR/JPY: Consolidation above 138.50
FXStreet (Bali) - EUR/JPY is extending the consolidation phase seen last week, with offers ahead of 139.00 still capping any EUR progress.
While results on the EU parliament elections were a negative input for the interest of Euro longs, traders should be reminded that the currency market is characterized to largely ignore major political outcomes unless having as a direct impact on risk-on/risk-off environment.
Short term, according to Valeria Bednarik, Chief Analyst at FXStreet: "Risk remains to the downside as per showing no technical signs of reversing course. The hourly chart showing price trapped in between 200 and 100 SMAs and indicators heading lower in neutral territory."
While results on the EU parliament elections were a negative input for the interest of Euro longs, traders should be reminded that the currency market is characterized to largely ignore major political outcomes unless having as a direct impact on risk-on/risk-off environment.
Short term, according to Valeria Bednarik, Chief Analyst at FXStreet: "Risk remains to the downside as per showing no technical signs of reversing course. The hourly chart showing price trapped in between 200 and 100 SMAs and indicators heading lower in neutral territory."