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EUR/JPY: Recovery attempts halted below 100HMA - FXStreet

FXStreet (Bali) - As the environment stands, in the battle between the Euro and Yen, the latter the has more chances to surge victorious, notes Valeria Bednarik, Chief Analyst at FXstreet.

Key Quotes

"EUR and JPY had been the major losers in these last months dollar’s run according to COT reports, so is no big shock seen both running even against its American rival, leaving the EUR/JPY range bound."

"But with stocks smashed and US Yields down to 2.09%, the yen has more chances to surge victorious. As for the short term, the 1 hour chart shows recovery attempts were halted below a still bearish 100 SMA, as indicators hold below their midlines, showing no directional strength."

"The pair stands close to its recent low of 135.03, still the level to break to confirm further declines. In the 4 hours chart 100 SMA crossed below 200 one week above current price first time in 2 month, while indicators head lower below their midlines, supporting the dominant bearish tone."

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