EUR/JPY: further declines on the way? - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the pair ends the day marginally lower, confined to a tight 40 pips range this Tuesday, as both currencies have continued to move evenly against the greenback.
Key Quotes:
"The pair trades near its daily low of 113.27 by the end of the day, as US stocks trimmed most of their early gains ahead of the close. Technically, the 1 hour chart shows that the price is hovering with its 100 and 200 SMAs, both flat and with the longest around the daily low, but overall showing the absence of a clear directional trend. In the same chart, technical indicators head south within negative territory, maintaining the short term risk towards the downside."
"In the 4 hours chart, the price keeps pressuring a bearish 100 SMA, while the Momentum indicator holds flat around its 100 level, also reflecting the lack of directional strength, whist the RSI indicator heads lower around 46, anticipating some further declines for the upcoming sessions."
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