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11 Feb 2016
EUR/JPY pauses before further supply - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained the technical conditions surrounding EUR/JPY.
Key Quotes:
With a local holiday ahead, the 1 hour chart shows that the price has extended further below its 100 and 200 SMAs, while the technical indicators are posting tepid recoveries from oversold levels, and the price holds below former lows, all of which suggests some consolidation before a new leg south.
In the 4 hours chart, the picture is less clear, given that the 100 SMA heads higher above the 200 SMA, both above the current level, while the technical indicators have bounced from near oversold levels."
Key Quotes:
With a local holiday ahead, the 1 hour chart shows that the price has extended further below its 100 and 200 SMAs, while the technical indicators are posting tepid recoveries from oversold levels, and the price holds below former lows, all of which suggests some consolidation before a new leg south.
In the 4 hours chart, the picture is less clear, given that the 100 SMA heads higher above the 200 SMA, both above the current level, while the technical indicators have bounced from near oversold levels."