FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY cross surged sharply on Greece deal’s news, adding 100 pips intraday as the Japanese Yen extended its decline against all of its major rivals, boosted by a recovery in stocks.
Key Quotes:
“The EUR/JPY 1 hour chart shows that the price is now consolidating above its 100 and 200 SMAs, although the technical indicators are turning lower in overbought readings, suggesting the pair may correct lower during the upcoming hours.”
“In the 4 hours chart however, the technical indicators maintain their bullish slopes above their mid-lines, whilst the price hovers around its 100 SMA, still unable to clearly break above it.”
“Having posted a daily high of 135.00, renewed buying interest beyond the level should signal a continued advance for this Thursday, as long as the 134.50 contains the pair on retracements.”
(Market News Provided by FXstreet)