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Sep 15, 2014
EUR/JPY: Bearish potential may increase upon 138.40 break
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, while EUR/JPY still presents a fairly constructive structure near term, if 138.40 gives up, the bearish potential will increase.
Key Quotes
"Japanese yen gained some ground against most rivals, with the EUR/JPY down to 138.46, where it found short term buyers, albeit trading now below 138.90 immediate resistance. The 1 hour chart shows 100 SMA advancing below current price, a few pips below 138.40 immediate static support, with indicators turning lower below their midlines."
"In the 4 hours chart momentum heads lower but holds above 100 while RSI regained the upside above 50, limiting chances of further slides."
"Price needs to recover above mentioned resistance to be able to regain previous positive tone, yet if 138.40 gives up, the bearish potential will increase eyeing an approach to the 137.60/70 price zone."
Key Quotes
"Japanese yen gained some ground against most rivals, with the EUR/JPY down to 138.46, where it found short term buyers, albeit trading now below 138.90 immediate resistance. The 1 hour chart shows 100 SMA advancing below current price, a few pips below 138.40 immediate static support, with indicators turning lower below their midlines."
"In the 4 hours chart momentum heads lower but holds above 100 while RSI regained the upside above 50, limiting chances of further slides."
"Price needs to recover above mentioned resistance to be able to regain previous positive tone, yet if 138.40 gives up, the bearish potential will increase eyeing an approach to the 137.60/70 price zone."