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12 Mar 2015
EUR/JPY: Indicators in sharp decline - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Japanese yen advanced sharply against its European rival due to this latest weakness, which sent the EUR/JPY cross down to 127.61, level not seen since June 2013.
Key Quotes:
"Short term, the pair maintains the bearish tone, albeit in the 1 hour chart, the technical indicators are giving their first signs of downside exhaustion, turning slightly higher by US close. In the same time however, the 100 and 200 SMAs maintain strong bearish slopes well above the current level, whilst the distance in between both has widened, keeping the risk towards the downside."
"In the 4 hours chart technical indicators maintain a sharp bearish slope well into oversold levels, as the RSI stands at 12, which suggests upward corrective movements may remain limited and be followed by further falls."
Key Quotes:
"Short term, the pair maintains the bearish tone, albeit in the 1 hour chart, the technical indicators are giving their first signs of downside exhaustion, turning slightly higher by US close. In the same time however, the 100 and 200 SMAs maintain strong bearish slopes well above the current level, whilst the distance in between both has widened, keeping the risk towards the downside."
"In the 4 hours chart technical indicators maintain a sharp bearish slope well into oversold levels, as the RSI stands at 12, which suggests upward corrective movements may remain limited and be followed by further falls."