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12 Jun 2014
EUR/JPY picking up off 130.00 support
FXStreet (Bali) - EUR/JPY is trading at 138.12, having posted a daily high at 138.16 and low at 137.97, with the Nikkei 225 opening the Tokyo session trying to recover some of its losses, currently at -0.8%.
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish. At the time of writing, RSI is neutral at 49.35, up from 35.77 at the last hour close, while ADX is ranging at 22.60, up from 16.51 previous. Meanwhile, daily RSI is in neutral territory at 37.18. On the hourly EUR/JPY chart, the 200 SMA is declining and currently at 138.54, down from the previous hour close at 139.23. On average, the exponential closing price for the past 20 days is 139.47, with the trend indicating a continuation lower ahead.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows 100 SMA crossing 200 one to the downside well above current price, while indicators recovered some but hold in negative territory. In the 4 hours chart momentum losses its bearish strength in extreme oversold levels, while CCI turns south, not yet indicating the possibility of an upward correction. For the most, the downside remains favored, with a break below 137.90 pointing for a test of 136.60 price zone. To the upside, only above 138.80 the pair will be able to regain some strength and shrug off the negative tone."
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish. At the time of writing, RSI is neutral at 49.35, up from 35.77 at the last hour close, while ADX is ranging at 22.60, up from 16.51 previous. Meanwhile, daily RSI is in neutral territory at 37.18. On the hourly EUR/JPY chart, the 200 SMA is declining and currently at 138.54, down from the previous hour close at 139.23. On average, the exponential closing price for the past 20 days is 139.47, with the trend indicating a continuation lower ahead.
EUR/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows 100 SMA crossing 200 one to the downside well above current price, while indicators recovered some but hold in negative territory. In the 4 hours chart momentum losses its bearish strength in extreme oversold levels, while CCI turns south, not yet indicating the possibility of an upward correction. For the most, the downside remains favored, with a break below 137.90 pointing for a test of 136.60 price zone. To the upside, only above 138.80 the pair will be able to regain some strength and shrug off the negative tone."