The EUR/JPY pair moved slightly higher today,
but bulls couldn’t march beyond the daily high at 130.86, being influenced by
the week Japanese yen and the US treasury yields that closed lower.
During the afternoon the pair is keeping neutral attitude and the current
market price is 130.57.
On the four-hour time frame the price has crossed to below its 20-day SMA, that
is turning to downside, but yet is above the 100-day and 200-day SMAs.
Stochastic has just reached its mid-line, but has sharply turned to south. RSI
is also located around the middles with strong bearish slope. However
indicators are not pointing any sure directional strength. For the time being
critical level remains the immediate support at 129.85, where now is located
the 100-day SMA. Only in case of breaking it, the pair will be poised to extend
its downward movement towards 129.50 (late July’s lows). Looking to the upside as
first resistance should be considered the 130.70 – 130.80 area.
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