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30 May 2014
EUR/JPY prints bullish hammer, 138.00 failure
FXStreet (Bali) - EUR/JPY failed to gain any bearish traction below the 138.00 round number, to instead reverse all losses following the recovery in US stocks/bond yields, to end the day printing a bullish hammer with current price at 138.40.
EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 55.18, up from it’s last hourly close at 51.40, while ADX is ranging above 30 at 11.60, down from 29.38 at the last hourly close.
Looking to a daily chart, we see that RSI is neutral at 28.58. The 200 SMA is currently at 138.51, down from 138.80 at the last period close, and declining on the hourly EUR/JPY chart. Moving with a downward trend, the exponential average closing price is 139.70.
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows both 100 and 200 SMAs head lower converging in the 138.80/90 region and offering intraday resistance, while momentum maintains its bearish slope below its midline."
"In the 4 hours chart indicators recover from oversold territory but lose upward potential in negative territory, while price seems to have entered a consolidative stage near the lows. Risk remains to the downside, with a break below critical 137.90 area opening doors for a continued slide over the upcoming sessions", Bednarik adds.
EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 55.18, up from it’s last hourly close at 51.40, while ADX is ranging above 30 at 11.60, down from 29.38 at the last hourly close.
Looking to a daily chart, we see that RSI is neutral at 28.58. The 200 SMA is currently at 138.51, down from 138.80 at the last period close, and declining on the hourly EUR/JPY chart. Moving with a downward trend, the exponential average closing price is 139.70.
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows both 100 and 200 SMAs head lower converging in the 138.80/90 region and offering intraday resistance, while momentum maintains its bearish slope below its midline."
"In the 4 hours chart indicators recover from oversold territory but lose upward potential in negative territory, while price seems to have entered a consolidative stage near the lows. Risk remains to the downside, with a break below critical 137.90 area opening doors for a continued slide over the upcoming sessions", Bednarik adds.