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EUR/JPY: Above 138.00 signals near term bottom - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, a steady advance above 138.00 in EUR/JPY should signal a near term bottom.

Key Quotes

"Pressuring the high of 138.10, the hourly chart shows that indicators corrected some of the extreme overbought readings reached after the over 100 pips daily rally, but hold well into positive territory, while moving averages remain flat well below current price."

"In the 4 hours chart, technical readings present a stronger upward momentum while 100 SMA crossed above 200 one both in the 137.00 price zone. A steady advance above current figure should signal a near term bottom , favoring a continued recovery on yen self weakness.

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