EUR/JPY: 100 DMA is a major resistance – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analysts at FXStreet explained EUR/JPY surged up to 136.62, with the advance led by a sharp recovery in stocks and commodities, although the pair eased some before the end of the day.

Key Quotes:

“The fact that the EUR was unable to attract firmer buying interest, is also weighing in the pair Technically, the intraday rally met selling interest around its 100 DMA, a major resistance for the upcoming sessions.”

“Shorter term, the 1 hour chart shows that the price remains above a mild bullish 100 SMA, currently the immediate support at 136.00, whilst the technical indicators are retreating from overbought levels, heading south above their mid-lines.”

“In the 4 hours chart, the technical indicators have lost their upward strength near their mid-lines, suggesting a break above the mentioned high is required to confirm a new leg higher.”
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Source:: FX Street