17 Aug 2016
EUR/JPY hints at uptick selling
The hourly 50-period SMA broke through the slower 200-period SMA, adding credence to the recent bearish EUR/JPY profile.
From here, if EUR/JPY spot rises closer to the level where the moving averages crossed, then sellers might see it as an opportunity to reenter at a better price. Furthermore, a convincing break through the 50-SMA signals a neutral tone, shifting positive above the 200-SMA.
From here, if EUR/JPY spot rises closer to the level where the moving averages crossed, then sellers might see it as an opportunity to reenter at a better price. Furthermore, a convincing break through the 50-SMA signals a neutral tone, shifting positive above the 200-SMA.