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20 Apr 2015
EUR/JPY: Stalling post decent gains
FXStreet (Guatemala) - EUR/JPY is currently trading 128.36 with a high of 128.86 and a low of 127.50.
EUR/JPY is now resting up post a decent rally from 127.78 to current levels and aforementioned highs. The Yen has been shunned, with USD/JPY moving up on to the 119 handle and scoring 119.336 the high with EUR/USD up about 50 pips. The calendar doesn't bring much too the table today or this week while the technicals are in a bullish formation.
Karen Jones, chief analyst at Commerzbank, explained that it made a large divergence of the daily RSI (triple divergence) on its slide to 126.08 on Tuesday and said that this reflects a loss of downside momentum and suggests a correction higher is likely. "Overhead recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here, the market remains offered. Interim resistance is offered by the 20 day ma at 129.27."
EUR/JPY is now resting up post a decent rally from 127.78 to current levels and aforementioned highs. The Yen has been shunned, with USD/JPY moving up on to the 119 handle and scoring 119.336 the high with EUR/USD up about 50 pips. The calendar doesn't bring much too the table today or this week while the technicals are in a bullish formation.
Karen Jones, chief analyst at Commerzbank, explained that it made a large divergence of the daily RSI (triple divergence) on its slide to 126.08 on Tuesday and said that this reflects a loss of downside momentum and suggests a correction higher is likely. "Overhead recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here, the market remains offered. Interim resistance is offered by the 20 day ma at 129.27."