8 Jul 2014
EUR/JPY: Technicals support further downside - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, technicals support a quick test of 137.90 strong static support in EUR/JPY before the picture clears up.
Key Quotes
Stocks suffered across the world this Monday, helping yen advance against most rivals and dragging EUR/JPY down to 138.43 before some limited bounce. Nevertheless, the technical picture remains bearish for the pair, after posting a lower low daily basis adding to the repeated failure to retake 139.00 last week.
The hourly chart shows price below 100 and 200 SMA while indicators aim higher below their midlines. In the 4 hours chart however, momentum maintains a strong bearish slope while moving averages cap the upside, still supporting a quick test of 137.90 strong static support before a clearer picture sees the light.
Key Quotes
Stocks suffered across the world this Monday, helping yen advance against most rivals and dragging EUR/JPY down to 138.43 before some limited bounce. Nevertheless, the technical picture remains bearish for the pair, after posting a lower low daily basis adding to the repeated failure to retake 139.00 last week.
The hourly chart shows price below 100 and 200 SMA while indicators aim higher below their midlines. In the 4 hours chart however, momentum maintains a strong bearish slope while moving averages cap the upside, still supporting a quick test of 137.90 strong static support before a clearer picture sees the light.