Back
9 Sep 2015
EUR/JPY approaching ECB-led sell-off levels
FXStreet (Bali) - EUR/JPY continues to gather further bullish momentum, boosted by a startling recovery in risk sentiment, first initiated in the last European session, with Wall Street and now Asia, tracking the dynamics.
The pair is exchanging hands near session highs around the 134.60/65 area, with the short covering still ongoing. That said, a key horizontal resistance level is now being faced at 134.70, with a break higher allowing a potential retest of 135.00 round number ahead of 135.30 area.
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the 4 hours chart however, the Momentum indicator heads higher well above the 100 level, whilst the RSI bounced from its mid-line and also heads north, currently around 52, suggesting the pair may resume its advance."
The pair is exchanging hands near session highs around the 134.60/65 area, with the short covering still ongoing. That said, a key horizontal resistance level is now being faced at 134.70, with a break higher allowing a potential retest of 135.00 round number ahead of 135.30 area.
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the 4 hours chart however, the Momentum indicator heads higher well above the 100 level, whilst the RSI bounced from its mid-line and also heads north, currently around 52, suggesting the pair may resume its advance."