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11 Sep 2015
EUR/JPY: looking bullish for the close this week - FXStreet
FXStreet (Guatemala) - Valeria Bednarik noted that the EUR/JPY advanced another 100 pips this Thursday, extending its weekly rally up to 136.19, holding nearby by Wall Street's close.
Key Quotes:
"The Japanese yen has been in selling mode ever since the day started, on speculation that the BOJ will extend its facilities to achieve the 2.0% inflation target before the end of the fiscal year, something that at this point, looks quite unlikely."
"As for the EUR/JPY technical picture, the 1 hour chart shows that the price extended further above its 100 and 200 SMAs, with the shortest gaining upward momentum, but still below the largest. In the same chart, the technical indicators have lost their bullish strength in overbought levels, suggesting some consolidation ahead before a new run higher. In the 4 hours chart, however, the technical indicators have recovered their upward strength after a tepid downward correction, pointing to a continued advance for this Friday."
Key Quotes:
"The Japanese yen has been in selling mode ever since the day started, on speculation that the BOJ will extend its facilities to achieve the 2.0% inflation target before the end of the fiscal year, something that at this point, looks quite unlikely."
"As for the EUR/JPY technical picture, the 1 hour chart shows that the price extended further above its 100 and 200 SMAs, with the shortest gaining upward momentum, but still below the largest. In the same chart, the technical indicators have lost their bullish strength in overbought levels, suggesting some consolidation ahead before a new run higher. In the 4 hours chart, however, the technical indicators have recovered their upward strength after a tepid downward correction, pointing to a continued advance for this Friday."