EUR/JPY: stocks supporting the cross off fresh lows - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair traded within quite a limited range this Tuesday, as both currencies weakened evenly against the greenback.
Key Quotes:
"The pair, however, managed to post a lower low for the week at 122.34, but pared losses as European and American equities jumped higher.
Now trading barely above its daily opening, the risk remains towards the downside, as in the daily chart, the price continues developing well below a bearish 100 SMA, although the technical indicators have turned horizontal within neutral territory.
In the shorter term, and according to the 1 hour chart, the technical picture is also neutral-to-bearish, given that the 100 and 200 SMAs are accelerating south far above the current level, but the technical indicators head nowhere around their mid-lines.
In the 4 hours chart, the Momentum indicator heads south within bearish territory, whist the RSI consolidates around 37, indicating the absence of buying interest around current levels."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.