31 Jul 2015
EUR/JPY: hitting fresh weekly lows overnight - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Euro negative tone sent the EUR/JPY down to a fresh weekly low of 135.52, with the JPY posting a moderate decline against the greenback, amid falling stocks.
Key Quotes:
"The EUR/JPY trades near the low by the end of the end, and the 1 hour chart shows that the price was unable to extend beyond the 100 SMA, and finally capitulated, breaking below the 200 SMA now around 135.90 acting as an immediate intraday resistance."
"In the same chart, the technical indicators have lost their bearish strength, but remain near oversold levels, limiting the possibility of a stronger advance. In the 4 hours chart, the technical indicators head lower below their mid-lines, whilst the price pressures a horizontal 20 SMA, supporting a continued decline on a break through 135.40, the immediate support."
Key Quotes:
"The EUR/JPY trades near the low by the end of the end, and the 1 hour chart shows that the price was unable to extend beyond the 100 SMA, and finally capitulated, breaking below the 200 SMA now around 135.90 acting as an immediate intraday resistance."
"In the same chart, the technical indicators have lost their bearish strength, but remain near oversold levels, limiting the possibility of a stronger advance. In the 4 hours chart, the technical indicators head lower below their mid-lines, whilst the price pressures a horizontal 20 SMA, supporting a continued decline on a break through 135.40, the immediate support."