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EUR/JPY: Break of daily low allows 135.70 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, if EUR/JPY can get some follow through below its recent daily low, 135.70 is likely to be exposed.

Key Quotes

"Yen was on demand along with safe haven Swiss Franc, on the back of rising tensions between Russia and Ukraine, with the last reporting a military invasion of the first."

"Risk aversion along with EUR weakness were enough to push the pair down to 136.41, from where the pair bounced some over US hours, now trading below the 136.90 mark immediate resistance."

"Technically, the hourly chart shows 100 SMA crossed to the downside 200 one and gain bearish slope, reflecting the strong selling interest, while indicators maintain the bearish stance heading lower in negative territory."

"In the 4 hours chart the overall outlook is also bearish, albeit indicators seem to be losing the downward strength as per turning flat in negative territory: some follow through below mentioned daily low however, exposes the pair to a downward continuation towards 135.70 area, early August lows."

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