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EUR/JPY is hitting a ceiling

Although the 50- and the 200-period SMAs are positively aligned, the upside in EUR/JPY has stalled in recent trading.

A 4hr stochastic above its median line don’t necessarily favours a liquidation of long-term buy positions, but the 1-hour stochastic is increasingly pointing that it could be necessary soon.

The oscillator has been precariously perched above the 70% level for more than eight hours and has just abandoned overbought territory with the recent hourly close. We see bias for a roll back lower in the short-term.

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Research Team at BBH, suggests that the OPEC meeting has begun, with the consensus expecting no agreement to cut output.
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