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30 Oct 2014
EUR/JPY: Technicals turn intraday negative - FXStreet
FXStreet (Bali) - EUR/JPY technicals turned intraday negative after the FOMC decision, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"The EUR/JPY turns intraday negative with the news, breaking below the 50% retracement of the latest bearish run, around 137.70."
"The movements in the pair are limited in light of both currencies falling even against the greenback, yet in the long run, chances turned to the downside. Technically the 1 hour chart shows indicators cross their midlines to the downside, but price still above moving averages, with 100 one offering dynamic support now around 137.20."
"In the 4 hours chart indicators turned lower, with momentum still in positive territory and RSI pulling back from overbought territory: 136.80 level is the support to break to confirm a stronger downward extension, not yet clear according to price action."
Key Quotes
"The EUR/JPY turns intraday negative with the news, breaking below the 50% retracement of the latest bearish run, around 137.70."
"The movements in the pair are limited in light of both currencies falling even against the greenback, yet in the long run, chances turned to the downside. Technically the 1 hour chart shows indicators cross their midlines to the downside, but price still above moving averages, with 100 one offering dynamic support now around 137.20."
"In the 4 hours chart indicators turned lower, with momentum still in positive territory and RSI pulling back from overbought territory: 136.80 level is the support to break to confirm a stronger downward extension, not yet clear according to price action."