FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY has recovered all of the ground lost, filling the almost 300 pips gap of its weekly opening, in the American afternoon.
Key Quotes:
“Despite the Japanese yen traded generally higher against most of its rivals, EUR demand imposed itself in the cross. The pair surged to an intraday high of 138.13, where the hourly chart shows the 100 SMA capping the upside. The 200 SMA in the same chart stands around 138.80, whilst the technical indicators are barely decelerating near overbought territory.”
“In the 4 hours chart, the technical indicators are heading higher, but still in negative territory, extending their recovery from extreme oversold territory. The immediate resistance comes at 138.20, with a recovery above it probably maintaining the bid tone in the pair for the rest of the day.”
(Market News Provided by FXstreet)