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6 Nov 2015
EUR/JPY: equities guiding the cross better bid - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair recovered above the 132.00 level, with the JPY getting under selling pressure during the Asian session, weighed by FED Yellen's comments regarding a possible rate hike in December, and a short lived upward corrective movement in the EUR.
Key Quotes:
"But the pair is far from confirming a reversal, as the 1 hour chart shows that selling interest surged on approaches to a bearish 100 SMA, currently around 132.60, while in the same chart, the technical indicators hold above their mid-lines, but lacking directional strength."
"In the 4 hours chart, the 100 SMA has extended further lower below the 200 SMA, both well above the current level, whilst the technical indicators present limited upward slopes in negative territory, rather reflecting the intraday advance than suggesting further gains ahead."
Key Quotes:
"But the pair is far from confirming a reversal, as the 1 hour chart shows that selling interest surged on approaches to a bearish 100 SMA, currently around 132.60, while in the same chart, the technical indicators hold above their mid-lines, but lacking directional strength."
"In the 4 hours chart, the 100 SMA has extended further lower below the 200 SMA, both well above the current level, whilst the technical indicators present limited upward slopes in negative territory, rather reflecting the intraday advance than suggesting further gains ahead."