FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the EUR/JPY pair recovers from a daily low set at 131.61 and holds below the 132.00 by the end of the day, enjoying a short term recovery as the new Minneapolis FED’s president, Neel Kashkari, seems to be a dove, and therefore leading to a short term decline in the USD.
Key Quotes:
“The pair however, closed well in the red and after recording a lower low and a lower high daily basis, maintaining the negative tone in place. Shorter term, the 1 hour chart shows that the price is developing below the 100 and 200 SMAs, with the shortest around 132.30, whilst the technical indicators are posting tepid bounces from oversold territory. In the 4 hours chart, the technical indicators have reverted their bearish slopes, but remain well into negative territory, whilst the 100 SMA has extended further lower above the current price.”
(Market News Provided by FXstreet)