EUR/JPY: bulls may struggle – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained the EUR/JPY managed to advance some, but remained confined within Friday’s range, closing the day pretty much flat around the 136.00 level.

Key Quotes:

“The pair maintains a tepid bearish tone in the short term, as the 1 hour chart shows that an early attempt to advance was rejected by a bearish 100 SMA, whilst the technical indicators head slightly lower below their mid-lines.”

“In the 4 hours chart however, the technical indicators head slightly higher above their mid-lines, although the moving averages remain horizontal and well above the current level, failing to offer clear directional clues. Should the price advance beyond 136.65, the upside is open towards the 137.70/80 strong static resistance area.”
For more information, read our latest forex news. …read more

Source:: FX Street