23 Jul 2015
EUR/JPY: 136.60 remains the danger zone for bears - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY reached a fresh weekly high of 136.42 on the back of EUR demand, holding to its intraday gains above the 136.00 level.
Key Quotes:
"The daily chart shows that, despite an intraday spike beyond it, the pair remains contained to the upside by its 200 DMA around the current level, although the positive tone coming from the technical indicators suggest the pair may finally break higher."
"Shorter term, the 1 hour chart shows that the price extended well above its moving averages, albeit the 100 SMA stands below the 200 SMA, suggesting a limited upward potential, whilst the technical indicators are now turning lower, but holding well above their mid-lines."
"In the 4 hours chart, a slightly positive tone prevails as the technical indicators hold in positive territory, although lacking upward strength. At this point, the pair needs to advance beyond 136.60 to confirm a stronger recovery, up to the past week high established at 137.78."
Key Quotes:
"The daily chart shows that, despite an intraday spike beyond it, the pair remains contained to the upside by its 200 DMA around the current level, although the positive tone coming from the technical indicators suggest the pair may finally break higher."
"Shorter term, the 1 hour chart shows that the price extended well above its moving averages, albeit the 100 SMA stands below the 200 SMA, suggesting a limited upward potential, whilst the technical indicators are now turning lower, but holding well above their mid-lines."
"In the 4 hours chart, a slightly positive tone prevails as the technical indicators hold in positive territory, although lacking upward strength. At this point, the pair needs to advance beyond 136.60 to confirm a stronger recovery, up to the past week high established at 137.78."