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27 Dec 2015
EUR/JPY: bears need a close below 131.00 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair closed last week flat below the 132.00 level, as both the EUR and the JPY advanced in tandem against the greenback.
Key Quotes:
"The dollar was under pressure as commodities recovered strongly before the close, and as investors continued to lock in gains ahead of the year-end, leading to limited moves in the EUR/JPY pair."
"Technically speaking, the downside is still favored as in the 4 hours chart, the price continued developing below its moving averages, whilst the technical indicators lack directional strength, but hold within negative territory.
Renewed selling pressure below the 131.00 level, last week low, is still required to confirm a more sustainable bearish move, down to the 128.40 region."
Key Quotes:
"The dollar was under pressure as commodities recovered strongly before the close, and as investors continued to lock in gains ahead of the year-end, leading to limited moves in the EUR/JPY pair."
"Technically speaking, the downside is still favored as in the 4 hours chart, the price continued developing below its moving averages, whilst the technical indicators lack directional strength, but hold within negative territory.
Renewed selling pressure below the 131.00 level, last week low, is still required to confirm a more sustainable bearish move, down to the 128.40 region."