EUR/JPY: watching Brexit high at 115.45 - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen advanced during the American afternoon, following a sharp decline in US stocks, although a steadier EUR resulted in the EUR/JPY pair ending the day modestly lower, around 116.30, the base of last week's range.
Key Quotes:
"The short term picture for the pair favors some additional declines, despite the lack of technical momentum, as in the 1 hour chart, the price is below the 100 and 200 SMAs, both converging around 107.00, whilst the technical indicators head nowhere within negative territory.
In the 4 hours chart, the price remains above their moving averages, with the 200 SMA heading lower and providing an immediate support at 115.95, while the technical indicators head modestly lower right below their midlines.
The key resistance comes at 115.45 the immediate post-Brexit high, with a break below it needed to confirm a stepper decline towards the 114.00 region."
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