7 Apr 2015
EUR/JPY: more weakness ahead – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, sees further weakness ahead for EUR/JPY towards 129.00 levels.
Key Quotes
“The EUR/JPY pair has been struggling to get past 131.00 mark for some time now. Whatever moves we saw since early March were largely driven by the volatility in the EUR/USD pair.”
“On the other hand, USD/JPY has been lackluster; slowly declining from a high of 122.00 seen in early March.”
“The prospects for EUR/JPY appear dim in the short-run. The Bank of Japan (BOJ) policy statement as well as the Federal Reserve (Fed) minutes due for release tomorrow are likely to be major triggers for a further weakness in the pair towards 129.00 levels.”
“On the charts, the pair is moving in a triangle formation, with gains being capped around the 38.2% Fib retracement of 136.67-126.89 located at 130.63.”
“The daily RSI too is bearish, indicating further room for a sell-off.”
“Meanwhile, on the 4-hour time frame, gains appear capped at 130.70-131.00 levels.”
Key Quotes
“The EUR/JPY pair has been struggling to get past 131.00 mark for some time now. Whatever moves we saw since early March were largely driven by the volatility in the EUR/USD pair.”
“On the other hand, USD/JPY has been lackluster; slowly declining from a high of 122.00 seen in early March.”
“The prospects for EUR/JPY appear dim in the short-run. The Bank of Japan (BOJ) policy statement as well as the Federal Reserve (Fed) minutes due for release tomorrow are likely to be major triggers for a further weakness in the pair towards 129.00 levels.”
“On the charts, the pair is moving in a triangle formation, with gains being capped around the 38.2% Fib retracement of 136.67-126.89 located at 130.63.”
“The daily RSI too is bearish, indicating further room for a sell-off.”
“Meanwhile, on the 4-hour time frame, gains appear capped at 130.70-131.00 levels.”