17 Februari 2016 1:43 AM
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair turned south this Tuesday, as the Japanese yen recovered its charm on renewed risk aversion, and the EUR maintained a weak tone against all of its major rivals.
"The pair initially rallied as Asian share markets closed generally higher, but was unable to extend beyond the 128.00 level, and turned south following oil's decline. Having erased all of its recent gains, the pair is poised to extend its decline in the short term.
In the 4 hours chart, the price remains well below its moving averages, although the 100 SMA is still above the 200 SMA, while the Momentum indicator stands flat in neutral territory, and the RSI indicator hovers around 38, indicating no directional strength at the time being. "
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair turned south this Tuesday, as the Japanese yen recovered its charm on renewed risk aversion, and the EUR maintained a weak tone against all of its major rivals.
