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22 Aug 2014
EUR/JPY: Break above 138.40 may challenge 138.90 - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, if EUR/JPY can make it above 138.40 it has the potential to accelerate towards 138.90 price zone.
Key Quotes
"Yen was the biggest loser on Thursday, with the EUR/JPY stalling a few pips below the 138.00 mark and holding nearby as a new day starts. The upward movement was slow but steady, leaving the hourly chart with not much upward strength: moving averages remain flat below current price and indicators barely stand above their midlines."
"In the 4 hours chart however, momentum remains strong as price extends above moving averages, both around 137.10/20 offering now short term support. Steady gains above 138.00 should lead to a quick advance up to 138.40 while above this last the upward acceleration will likely accelerate towards 138.90 price zone.
Key Quotes
"Yen was the biggest loser on Thursday, with the EUR/JPY stalling a few pips below the 138.00 mark and holding nearby as a new day starts. The upward movement was slow but steady, leaving the hourly chart with not much upward strength: moving averages remain flat below current price and indicators barely stand above their midlines."
"In the 4 hours chart however, momentum remains strong as price extends above moving averages, both around 137.10/20 offering now short term support. Steady gains above 138.00 should lead to a quick advance up to 138.40 while above this last the upward acceleration will likely accelerate towards 138.90 price zone.