FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair succumbed to EUR´s weakness, down intraday to a fresh 2-week low of 134.75. Despite the Japanese traded generally lower against its rivals, weighed by rising yields in Europe and the US.
Key Quotes:
“The pair advanced with the Asian opening, posting a daily high of 136.12, where according to the hourly chart, stands the 100 SMA. The decline extended all through the day, with the RSI steady at oversold levels for most of the American session, and the Momentum indicator presenting a tepid bearish slope well below its mid-line in the mentioned time frame.”
“In the 4 hours chart, the price has extended below its 100 SMA, currently around 135.20, while the technical indicators are losing their downward strength, but remain well below their mid-lines, maintaining the risk towards the downside. The pair has a strong static support around 134.40, and a break below it should lead to an acceleration of the bearish momentum, with scope then to decline down to the 133.30 price zone.”
(Market News Provided by FXstreet)