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5 May 2016
EUR/JPY: erased all of its gains - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair edged lower, weighed by the common currency's weakness, as the Japanese Yen remained lifeless, due to Japans holiday's and the looming US employment report.
Key Quotes:
"The pair erased all of its weekly gains that anyway were quite limited, and trades a few pips above Friday's close, with a slightly negative tone in the short term, given that in the 1 hour chart, the technical indicators head modestly lower within bearish territory, but with no certain strength, whilst the price is back below a horizontal 100 SMA.
In the 4 hours chart, the overall bearish tone prevails, as the Momentum indicator turned south around its mid-line, while the RSI indicator accelerated its decline and currently stands at 40."
Key Quotes:
"The pair erased all of its weekly gains that anyway were quite limited, and trades a few pips above Friday's close, with a slightly negative tone in the short term, given that in the 1 hour chart, the technical indicators head modestly lower within bearish territory, but with no certain strength, whilst the price is back below a horizontal 100 SMA.
In the 4 hours chart, the overall bearish tone prevails, as the Momentum indicator turned south around its mid-line, while the RSI indicator accelerated its decline and currently stands at 40."