EUR/JPY: 137 a possibility?- FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair closed in the red for a second day in-a-row, having established a daily low of 134.99 during the past Asian session.

Key Quotes:

“The decline in the JPY during the American afternoon however, helped the pair to erase most of its intraday losses, and the pair presents a limited upward short term tone, as the 1 hour chart shows that the technical indicators are aiming to cross their mid-lines towards the upside, whilst the price approaches its 100 SMA, the immediate resistance at 135.85.”

“In the 4 hours chart, the technical indicators also head higher, but are still below their mid-lines, suggesting a firmer advance is required to see the pair extending its rally over the upcoming sessions.”

“A price acceleration above the mentioned 100 SMA could be a first sign, although some follow through beyond 136.30 will be even more constructive, with scope then to rally up to the 137.00 region.”
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Source:: FX Street