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10 Dec 2014
EUR/JPY heavy, 147.40 eyed - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/JPY maintains a heavy tone, supporting further declines, with an acceleration of losses expected once below 147.40.
Key Quotes
"The heavy sell-off in stocks that started in Chinese markets, spread like wildfire during the following sessions, and yen ended up being the daily winner. The Japanese currency advanced sharply against all of its rivals, and the EUR/JPY reached a daily low of 146.79 before recovering over 100 pips."
"The pair however maintains a heavy tone, as the 1 hour chart shows price now capped by its 200 SMA after also breaking below 100 simple moving average earlier on the day, while indicators erased oversold readings but remain in negative territory. In the 4 hours chart indicators present a strong bearish momentum that supports further declines particularly if the pair extends again below the 147.40 mark."
Key Quotes
"The heavy sell-off in stocks that started in Chinese markets, spread like wildfire during the following sessions, and yen ended up being the daily winner. The Japanese currency advanced sharply against all of its rivals, and the EUR/JPY reached a daily low of 146.79 before recovering over 100 pips."
"The pair however maintains a heavy tone, as the 1 hour chart shows price now capped by its 200 SMA after also breaking below 100 simple moving average earlier on the day, while indicators erased oversold readings but remain in negative territory. In the 4 hours chart indicators present a strong bearish momentum that supports further declines particularly if the pair extends again below the 147.40 mark."