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22 Apr 2015
EUR/JPY has work to do yet on the upside
FXStreet (Guatemala) - EUR/JPY is currently trading at 128.50 with a high of 128.54 and a low of 128.38.
EUR/JPY is consolidated ahead of the Tokyo open around the mid point of the 128 handle post a day of volatility that had the EUR/JPY moving directly to the upside and clearing out all stops post the choppiness of last week's business and putting the cross right back in to the hands of the bulls.
Technically, EUR/JPY in the 4 hours chart hit its 100 SMA with a strong bearish slope, as Valeria Bednarik, chief analyst at FXStreet noted whilst the technical indicators head slightly higher around their mid-lines, suggesting that this is limiting short term slides. Meanwhile, chief analyst at Commerzbank explained that the interim resistance is offered by the 20 day ma at 129.12. "Overhead recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here, the market remains offered."
EUR/JPY is consolidated ahead of the Tokyo open around the mid point of the 128 handle post a day of volatility that had the EUR/JPY moving directly to the upside and clearing out all stops post the choppiness of last week's business and putting the cross right back in to the hands of the bulls.
Technically, EUR/JPY in the 4 hours chart hit its 100 SMA with a strong bearish slope, as Valeria Bednarik, chief analyst at FXStreet noted whilst the technical indicators head slightly higher around their mid-lines, suggesting that this is limiting short term slides. Meanwhile, chief analyst at Commerzbank explained that the interim resistance is offered by the 20 day ma at 129.12. "Overhead recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here, the market remains offered."