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4 Feb 2016
EUR/JPY: bearish on 4hr sticks - FXStreet
FXStreet - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY advanced at the beginning of the day, but failed to hold in the green as the Japanese yen was broadly higher against all of its major rivals, particularly boosted in the American afternoon by tepid US data, and little progress among US indexes after this week declines.
Key Quotes:
"Technically, the 1 hour chart shows that the price is developing between is 100 and 200 SMAs, with the shortest acting as immediate resistance around 131.25 and the largest providing support around 130.20.
In the same chart, the technical indicators are turning slightly higher around their mid-lines, but lack enough strength to confirm further advances. In the 4 hours chart, the bias is towards the downside, with the technical indicators heading lower below their mid-lines, but the price still well above the 100 and 200 SMAs."
Key Quotes:
"Technically, the 1 hour chart shows that the price is developing between is 100 and 200 SMAs, with the shortest acting as immediate resistance around 131.25 and the largest providing support around 130.20.
In the same chart, the technical indicators are turning slightly higher around their mid-lines, but lack enough strength to confirm further advances. In the 4 hours chart, the bias is towards the downside, with the technical indicators heading lower below their mid-lines, but the price still well above the 100 and 200 SMAs."