EUR/JPY: 134.40 in focus – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that The EUR/JPY pair ended the week with some limited losses, having been as low as 135.22 last Friday, on the back of EUR’s weakness.

Key Quotes:

“The Japanese yen closed the week generally higher, as risk aversion favored the safe-haven currency, particularly as stocks worldwide plummeted on Friday, alongside with US Treasury yields. As for the EUR/JPY, the daily chart shows that the price failed to hold gains beyond the 100 SMA, currently around 136.70, and that the technical indicators turned lower, but remain in neutral territory, heading south around their mid-lines. The 200 DMA provides a strong support around 134.40 for the upcoming sessions.”

“In the 4 hours chart, the technical indicators have already broken below their mid-lines and maintain a strong bearish momentum, whilst the price has found short term buying interest on Friday around its 100 SMA, in the 135.50 region, the immediate support. A break below it should lead to a continued decline, towards the mentioned 134.40 level, a key support, as additional slides below it should lead to a continued decline during the upcoming days.”
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Source:: FX Street