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4 Jan 2016
EUR/JPY fell lowest since April - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen stands as the daily winner this Monday, having appreciated against all of its major rivals during the Asian session, following the slide in local share markets, and accelerating its advance as stops got triggered.
Key Quotes:
"The EUR/JPY fell down to 128.66 its lowest since April 2015, before bouncing some, but the upward move is merely corrective in the middle of the dominant bearish trend.
Technically, the 1 hour chart shows that the price has moved further below its 100 and 200 SMAs, now over 200 pips above the current level, while the technical indicators have corrected extreme readings, but remain in oversold territory, maintaining the risk towards the downside. In the 4 hours chart, the technical indicators have lost their bearish strength, but hold in extreme oversold territory, in line with the shorter term view."
Key Quotes:
"The EUR/JPY fell down to 128.66 its lowest since April 2015, before bouncing some, but the upward move is merely corrective in the middle of the dominant bearish trend.
Technically, the 1 hour chart shows that the price has moved further below its 100 and 200 SMAs, now over 200 pips above the current level, while the technical indicators have corrected extreme readings, but remain in oversold territory, maintaining the risk towards the downside. In the 4 hours chart, the technical indicators have lost their bearish strength, but hold in extreme oversold territory, in line with the shorter term view."