FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair showed little progress this Monday in the US, consolidating around its recent highs, but still unable to clearly break above the 128.50 level.
Key Quotes:
“The Japanese yen spent the day in a tight range against most of its rivals, as in spite of oil’s retrace, stocks traded flat around their daily openings for most of the day. The short term picture for the pair is mild bullish, given that the price holds above its 100 and 200 SMAs that anyway remain horizontal in the 127.80/90 region, while the technical indicators stand flat around their mid-lines.
In the 4 hours chart, the Momentum indicator heads higher above its 100 level, while the RSI hovers around 56, and the price develops above a bearish 100 SMA, all of which supports some further gains for this Tuesday, on an upward acceleration above the mentioned 128.50 level.”
(Market News Provided by FXstreet)