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28 Jan 2015
EUR/JPY bullish momentum dissipating - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair struggles around the 134.00 figure, having followed EUR/USD in its upward corrective movement.
Key Quotes:
"The Japanese yen strengthened earlier on the day, as stocks fell in the US, but late recovery in index from their daily lows, push the JPY lower in the American afternoon."
"The 1 hour chart for the pair shows that price pressures the 100 SMA around current levels, whilst indicators hold above their midlines, albeit showing no actual strength."
"The pair has corrected the 50% of its latest fall, with immediate support now at 133.70. In the 4 hours chart indicators are biased higher above their midlines, supporting a continued advance particularly if the pair manages to break above 134.55, 61.8% retracement of the same decline."
Key Quotes:
"The Japanese yen strengthened earlier on the day, as stocks fell in the US, but late recovery in index from their daily lows, push the JPY lower in the American afternoon."
"The 1 hour chart for the pair shows that price pressures the 100 SMA around current levels, whilst indicators hold above their midlines, albeit showing no actual strength."
"The pair has corrected the 50% of its latest fall, with immediate support now at 133.70. In the 4 hours chart indicators are biased higher above their midlines, supporting a continued advance particularly if the pair manages to break above 134.55, 61.8% retracement of the same decline."