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11 May 2015
EUR/JPY testing strong support zone - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that Euro demand over the last few days have supported a nice comeback in the EUR/JPY cross that surged last week up to 135.98.
Key Quotes:
"The cross closed last week with a doji, above the 134.00 level. The daily chart shows that the price continues to develop well above a bearish 100 SMA, currently at 132.10, whilst technical indicators are heading south from overbought levels, anticipating some additional declines, at least in corrective mode."
"In the 4 hours chart the Momentum indicator heads lower below 100, whilst the RSI stands directionless around 48, although the moving averages head higher well above the current price. The immediate strong support comes at 133.70, with a break below it exposing May 5 low at 133.10, while on the other hand, a recovery above 134.80 should favor an upward continuation towards the mentioned weekly high."
Key Quotes:
"The cross closed last week with a doji, above the 134.00 level. The daily chart shows that the price continues to develop well above a bearish 100 SMA, currently at 132.10, whilst technical indicators are heading south from overbought levels, anticipating some additional declines, at least in corrective mode."
"In the 4 hours chart the Momentum indicator heads lower below 100, whilst the RSI stands directionless around 48, although the moving averages head higher well above the current price. The immediate strong support comes at 133.70, with a break below it exposing May 5 low at 133.10, while on the other hand, a recovery above 134.80 should favor an upward continuation towards the mentioned weekly high."