EUR/JPY: Price Developed Below Key MA's - FXStreet
Valeria Bednarik,
chief analyst at FXStreet explained that the EUR/JPY pair fell on
Friday down to 121.47, its lowest since April 2013, with the JPY
enjoying some temporal demand after the release of the US Nonfarm
Payroll report.
Key Quotes:
"Nevertheless,
the pair trimmed most of its daily loses ahead of the close, and ended
flat a few pips above the 122.00 level, but with the overall dominant
bearish trend intact.
According to the daily chart, the pair can
extend its decline to levels below the 120.00 psychological mark, as
the technical indicators continue heading south within negative
territory, while the 100 and 200 DMAs maintain strong bearish slopes
well above the current level.
In the 4-hours chart, the technical
stance is neutral-to-bearish as the indicators hold below their
mid-lines but with no clear directional strength, whilst the price
develops well below its moving averages."
