EUR/JPY: looks to be well supported from here and bullish - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair edged modestly lower this Wednesday, mostly consolidating its latest advance around the 50% retracement of its latest daily slump, as both currencies gained some ground against their American rival.

Key Quotes:

"Japan’s economy minister Ishihara said that so far, printing money has not been discussed between Abe and Bernanke in their latest meeting, bringing some relief to the Japanese currency. Intraday, indicators have corrected the extreme overbought conditions reached earlier this week, whilst the 100 SMA has crossed above the 200 SMA, all of this in the hourly chart, maintaining the risk towards the upside."

"In the 4 hours chart, technical indicators have also retreated from overbought territory, with the Momentum indicator heading lower within positive territory and the RSI indicator consolidating around 68, limiting chances of a downward move."