FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that EUR/JPY drifted lower earlier in the day, but finally surged up to 139.33, holding above the 139.00 figure by the end of the day.
Key Quotes:
“The cross traded alongside with the EUR/USD, as the Japanese yen remained neutral to market’s sentiment ever since the day started.”
“The technical picture for the pair shows that in the 1 hour chart, the price is struggling to sustain gains above its 100 SMA, while the 200 SMA offers a short term intraday resistance around 139.60, should the price extend its advance.”
“In the same chart, the technical indicators are heading higher above their mid-lines, while in the 4 hours chart the technical indicators are barely crossing above their mid-lines, with a limited upward potential ahead of the Asian opening.”
“The upside will remain favored as long as buying interest surges on approaches to the 137.90/138.00 price zone, with a break below it however, exposing the pair to a sharp decline towards the 137.40 region.”
(Market News Provided by FXstreet)