10 Mar 2015
EUR/JPY needs to reclaim 132.10 - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/JPY should reclaim levels above 132.10 to ease its bearish profile and offer a more constructive outlook.
Key Quotes
"The EUR/JPY pair recovered up to 131.80, and consolidates a few pips below the level ahead of the US close, but the overall bearish tone prevails as the 1 hour chart shows that the pair develops well below its moving averages, whilst the technical indicators have lost upward potential above their mid-lines."
"In the 4 hours chart the technical indicators continue to head higher after correcting extreme oversold readings, but hold well into negative territory, far from supporting a stronger recovery. The pair needs to advance above the 132.10 price zone to be able to offer a more constructive bullish outlook, aiming then for an approach to the 133.00 price zone."
Key Quotes
"The EUR/JPY pair recovered up to 131.80, and consolidates a few pips below the level ahead of the US close, but the overall bearish tone prevails as the 1 hour chart shows that the pair develops well below its moving averages, whilst the technical indicators have lost upward potential above their mid-lines."
"In the 4 hours chart the technical indicators continue to head higher after correcting extreme oversold readings, but hold well into negative territory, far from supporting a stronger recovery. The pair needs to advance above the 132.10 price zone to be able to offer a more constructive bullish outlook, aiming then for an approach to the 133.00 price zone."