FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY recovered up to 136.05 during Asian hours yesterday but faltered overnight.
Key Quotes:
“With the yen weakening on BOJ’s Kuroda wording over the local economic policy, remarking that quantitative easing will be maintained as long as it’s needed, adding that the economic recovery is moderated, whilst inflation expectations remain subdued.”
“The pair however, has been unable to hold to its gains, and closed the day a handful of pips above the 135.00 figure, with the 1 hour chart showing that the price stalled its recovery well below a bearish 100 SMA, currently around 136.10, whilst the technical indicators have stabilized in neutral territory after reaching extreme oversold readings with the weekly opening gap. In the 4 hours chart however, the technical bias is bearish, as the technical indicators head lower below their mid-lines, whilst the price stands well below its moving averages.”
(Market News Provided by FXstreet)