Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair recovered some ground as the Japanese yen eased modestly against its major rivals, while the common currency saw some intraday demand.
Key Quotes:
"Nevertheless, the pair remains confined to the same range in where it has been trading for the last three weeks, as both currencies are totally dollar-dependent these days. The neutral stance persists in the short term, as in the 1 hour chart, the price is hovering around a horizontal 100 SMA, while the Momentum indicator heads is also flat, but within positive territory, as the RSI indicator heads north around 58, keeping the downside limited.
In the 4 hours chart, the price is a few pips above a horizontal 100 SMA, whilst the technical indicators hold flat around their mid-lines, lacking directional strength."
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