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23 Jan 2015
EUR/JPY bears looking for Oct 2014 lows
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the pressures felt by EUR/JPY.
Key Quotes:
"Despite stocks surged with the news, putting the Japanese Yen under pressure, the EUR/JPY cross nose- dived to 134.24, level not seen since last October."
"Market was all about EUR weakness after the ECB announcement. Technically, the 1 hour chart shows that indicators aim higher in extreme oversold territory, aiming to correct higher, although price consolidates near its lows whilst moving averages are now well above current price."
"In the 4 hours chart however, indicators are biased strongly down, supporting a continuation of current downward movement, with a break below 134.12, October 2014 low required to confirm an approach to the 130.00 figure."
Key Quotes:
"Despite stocks surged with the news, putting the Japanese Yen under pressure, the EUR/JPY cross nose- dived to 134.24, level not seen since last October."
"Market was all about EUR weakness after the ECB announcement. Technically, the 1 hour chart shows that indicators aim higher in extreme oversold territory, aiming to correct higher, although price consolidates near its lows whilst moving averages are now well above current price."
"In the 4 hours chart however, indicators are biased strongly down, supporting a continuation of current downward movement, with a break below 134.12, October 2014 low required to confirm an approach to the 130.00 figure."