EUR/JPY: downside favoured despite recovery - FXStreet
|Valeria Bednarik, chief analyst at FXStreet noted that the EUR/JPY pair fell down to a fresh weekly low of 122.25.
Key Quotes:
"The Japanese yen strengthened on the back of some comments coming from Masatsugu Asakawa, the vice-minister of finance for international affairs, who said that intervention might be used only to slowdown a sharp appreciation of the yen rather than to defend a particular level. Investors understood the comment as no intervention at sight, pushing the yen up against all of its major rivals.
Despite having trimmed half of its daily losses, the short term picture still favors the downside ahead of Friday's opening, as in the 1 hour chart, the price is now below a bearish 100 SMA, whilst the technical indicators are hovering around their mid-lines, with no clear directional strength.
In the 4 hours chart, the price remained capped by a horizontal 20 SMA in the 123.20 region, whilst the technical indicators also lack directional strength around their mid-lines."
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