4 Feb 2014
EUR/JPY gains after four days of declines
FXStreet (Córdoba) - The EUR/JPY bottomed during the Asian session at 136.21, reaching the lowest price since November 22 but bounced to the upside, supported by a weak Yen and managed to finished above 137.00, posting the first daily gain in almost a week.
During the American session peaked at 137.45 and closed near the highs, with a gain of 80 pips, as stocks recovered ground.
Technical outlook for the EUR/JPY
Valeria Bednarik, Chief Analyst at FXStreet affirms that the hourly chart shows price “well below its 100 SMA, providing now dynamic resistance around 138.10, as indicators lose upward potential still in positive territory”. Regarding the 4-hours chart Bednarik notes that indicators aim higher, “still in corrective move after reaching oversold levels early week”.
During the American session peaked at 137.45 and closed near the highs, with a gain of 80 pips, as stocks recovered ground.
Technical outlook for the EUR/JPY
Valeria Bednarik, Chief Analyst at FXStreet affirms that the hourly chart shows price “well below its 100 SMA, providing now dynamic resistance around 138.10, as indicators lose upward potential still in positive territory”. Regarding the 4-hours chart Bednarik notes that indicators aim higher, “still in corrective move after reaching oversold levels early week”.