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18 Apr 2014
EUR/JPY pressing against 141.60/90 resistance
FXStreet (Bali) - EUR/JPY has yet to confirm an upside technical breakout with the exchange rate continuing to push through 141.60/90 resistance zone but still pending a resolution.
Recent shift in perceptions towards further easing by the BoJ (probably in June/July), GPIF asset reallocation into more foreign buys, together with rising US bond yields, keep the Yen pressured as liquidity drains out ahead of the Easter long weekend.
Valeria Bednarik, Chief Analyst at FXStreet, notes that the pair keeps a constructive tone, saying that "the hourly chart shows 100 and 200 SMAs converging in the 140.90 price zone, offering further support in case of slides, while the 4 hours chart technical readings also maintain a strong upward tone, with a break above daily high favoring an advance beyond 142.00 short term."
Recent shift in perceptions towards further easing by the BoJ (probably in June/July), GPIF asset reallocation into more foreign buys, together with rising US bond yields, keep the Yen pressured as liquidity drains out ahead of the Easter long weekend.
Valeria Bednarik, Chief Analyst at FXStreet, notes that the pair keeps a constructive tone, saying that "the hourly chart shows 100 and 200 SMAs converging in the 140.90 price zone, offering further support in case of slides, while the 4 hours chart technical readings also maintain a strong upward tone, with a break above daily high favoring an advance beyond 142.00 short term."