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1 Jun 2015
EUR/JPY: Latest fundamentals justify 137.00 attacks
FXStreet (Bali) - As Valeria Bednarik, Chief Analyst at FXStreet notes in her daily Asian open report, 137.00 level stands as a major technical hurdle in EUR/JPY.
Key Quotes
"A weaker yen and renewed hopes on a Greek deal have backed the pair, although the 137.00 level stands as a major technical hurdle, as in there stands the 200 SMA in the daily chart, and the 100 SMA in the weekly, something that should attract some selling interest if reached."
"Shorter term, the 4 hours chart shows that the price has been steadily advancing above its moving averages, with the 200 SMA gaining strength well below the 100 SMA, reflecting bulls are losing steam. In the same chart, the Momentum indicator stands horizontal in positive territory, although the RSI heads higher around 74, maintaining the risk towards the upside, particularly if good news from Greece keep coming."
Key Quotes
"A weaker yen and renewed hopes on a Greek deal have backed the pair, although the 137.00 level stands as a major technical hurdle, as in there stands the 200 SMA in the daily chart, and the 100 SMA in the weekly, something that should attract some selling interest if reached."
"Shorter term, the 4 hours chart shows that the price has been steadily advancing above its moving averages, with the 200 SMA gaining strength well below the 100 SMA, reflecting bulls are losing steam. In the same chart, the Momentum indicator stands horizontal in positive territory, although the RSI heads higher around 74, maintaining the risk towards the upside, particularly if good news from Greece keep coming."