EUR/JPY: stocks supporting the cross off fresh lows – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair traded within quite a limited range this Tuesday, as both currencies weakened evenly against the greenback.

Key Quotes:

“The pair, however, managed to post a lower low for the week at 122.34, but pared losses as European and American equities jumped higher.

Now trading barely above its daily opening, the risk remains towards the downside, as in the daily chart, the price continues developing well below a bearish 100 SMA, although the technical indicators have turned horizontal within neutral territory.

In the shorter term, and according to the 1 hour chart, the technical picture is also neutral-to-bearish, given that the 100 and 200 SMAs are accelerating south far above the current level, but the technical indicators head nowhere around their mid-lines.

In the 4 hours chart, the Momentum indicator heads south within bearish territory, whist the RSI consolidates around 37, indicating the absence of buying interest around current levels.”
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Source:: FX Street