Monday 21 August 2017

EUR/JPY Started the week with recovery, but remains capped by the 100-day and 200-day SMAs

During Friday’s session the EUR/JPY pair finally run out of the bearish sentiment which dominated from August 16th and marked high at 128.80. Today the pair is developing around this level but is going to close slightly lower with current market price 128.69. 
On the four-hour time frame the priced crossed to above its bearish 20-day SMA and meanwhile remains well below the 100-day and 200-day SMAs. Furthermore the last two ones are crossing each other at 129.65, which indicates limitation of the upward strength. Stochastic and RSI has recovered from the extreme oversold territories and both are displaying strong bullish momentum. 
Should the pair succeed to conquer Friday’s high at 128.80, further recovery is underway in the short term. 129.65 remains critical level and in case of breaking it, bulls would prevail longer in the play.  


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