20 Jun 2014
EUR/JPY: Correction stalls ahead of 139.00
FXStreet (Bali) - EUR/JPY is trading at 138.65, down -0.05% on the day, having posted a daily high at 138.82 and low at 138.63.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 36.23, down from the last hourly print at 49.23, with ADX at 19.46, up from its previous close at 14.93. Daily RSI sits at 44.45, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is at 138.61, up from the last close at 138.40 and climbing. Over the past 20 days, the exponential average closing price is 138.90, and ranging.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows a clear lack of strength, as indicators diverge lower in positive territory, yet stands above moving averages, with 100 and 200 SMAs converging now at 138.40 immediate support. In the 4 hours chart there’s also a clear lack of upward momentum while price can’t break above its moving averages, increasing the risk to the downside."
Valeria adds: "Below 138.40 risk will rise, looking then for a test of 137.90 in the very short term. Above 138.90 on the other hand, the bullish tone turns more constructive, and 140.00 comes again at sight on the day."
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 36.23, down from the last hourly print at 49.23, with ADX at 19.46, up from its previous close at 14.93. Daily RSI sits at 44.45, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is at 138.61, up from the last close at 138.40 and climbing. Over the past 20 days, the exponential average closing price is 138.90, and ranging.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows a clear lack of strength, as indicators diverge lower in positive territory, yet stands above moving averages, with 100 and 200 SMAs converging now at 138.40 immediate support. In the 4 hours chart there’s also a clear lack of upward momentum while price can’t break above its moving averages, increasing the risk to the downside."
Valeria adds: "Below 138.40 risk will rise, looking then for a test of 137.90 in the very short term. Above 138.90 on the other hand, the bullish tone turns more constructive, and 140.00 comes again at sight on the day."