EUR/JPY: Mild positive tone prevails - FXStreet

By FXstreet.com | July 01, 2014 AAA

FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, notes that a mild positive tone prevails in EUR/JPY according to technical readings.



Key Quotes



"The EUR/JPY posted the shiest possible 3 week high this Tuesday, reaching 139.13 before pulling back below the 139.00 figure: US stocks soaring with S&P at fresh record highs and DJIA flirting with 17000 are the main reason behind JPY intraday weakness, yet to be seen if it can be sustained in time."



"In the meantime, the EUR/JPY stands above its 100 and 200 SMAs, both flat in the 138.40/50 price zone, as indicators hold in neutral territory. In the 4 hours chart, a mild positive tone prevails according to technical readings, yet considering the pair has been trading in a 130 pips range for three weeks in a row, there’s little suggesting some directional move for the days ahead."



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