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EUR/JPY needs extension above 137.90 - FXStreet

FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/JPY's recovery needs now to extend above 137.90 to confirm a continued advance over Asian hours.

Key Quotes

The EUR/JPY surged on EUR temporal strength, with the pair up to 137.70, albeit the reaction remains limited with the pair having traded most of the day in a 40 pips range. "

"The 30 pips jump to the upside stalled at a bearish 100 SMA in the 1 hour chart, with indicators in the same time frame heading higher above their midlines. In the 4 hours chart indicators approach their midlines from below, supporting further short term recoveries."

"A stronger resistance comes a few pips above, at 137.90, 61.8% retracement of the latest daily bullish run: price needs to extend above this last to confirm a continued advance over Asian hours."

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GBP/JPY is trading at 174.95, up 0.01% on the day, having posted a daily high at 175.11 and low at 174.79.
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