FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair continues trading in quite a limited range daily basis unable to gain directional strength.
Key Quotes:
“Daily basis, the pair has added some 30 pips, showing little demand for the common currency. The short term picture is neutral-to-bearish, as the price is being limited by a bearish 100 SMA, currently around 136.60, whilst the technical indicators present mild negative slopes around their mid-lines.”
“In the 4 hours chart, the technical indicators turned lower after being rejected from their mid-lines, showing no actual bearish strength at the time being, whilst the price remains below its moving averages, with the 200 SMA offering a strong dynamic resistance around 137.50. The main support stands at 135.80, with a break below it required to confirm a downward acceleration towards the 134.90/135.00 price zone.”
(Market News Provided by FXstreet)