FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY, technically, the daily chart shows that the price is nearing the top of its recent range around 128.50.
Key Quotes:
“The immediate resistance, whilst the price continued developing well below its moving averages. In the same chart, the Momentum indicator has lost its upward strength right after crossing above its 100 level, while the RSI hovers around 41, all of which limits chances of further gains.”
“In the 4 hours chart, the price is struggling around a sharply bearish 100 SMA, the Momentum indicator aims higher well above its mid-line, while the RSI indicator also advances, currently around 57, supporting some further short term gains on an upward acceleration above the mentioned resistance.”
(Market News Provided by FXstreet)