FXStreet (Guatemala) – Valeria Bednarik, chief analyst FXStreet explained that the EUR/JPY pair traded briefly above 130.00 for the first time in over three weeks, with the Japanese yen weighed by an improved market sentiment and rising oil prices.
Key Quotes:
“Another reason of Japanese yen’s weakness comes from speculation, or better said, hopes that the BOJ will announce some additional form of stimulus during the economic policy meeting early Friday.”
“Technically, the 1 hour chart shows that the price has been steadily advancing above a now bullish 100 SMA, while the Momentum indicator heads north in positive territory, and the RSI indicator hovers around 72.”
“In the 4 hours chart, the technical indicators are beginning to look exhausted in overbought territory, but are far from suggesting a downward move ahead, while the price is hovering around its 200 SMA, and near its daily highs, suggesting the risk remains towards the upside.”
(Market News Provided by FXstreet)