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Forex: EUR/JPY under pressure in Asia

By FXstreet.com,  June 28, 2011, 09:42:00 PM EDT

FXstreet.com (California) - Despite US stocks rising strongly for the second day, Asian investors are ignoring the strong performance as EUR/JPY is now trading under pressure after managing to post gains on Monday and Tuesday.

Technically, "4 hours chart, shows RSI retreating from 70 area, supporting the view, while momentum holds recent strength: only a break below mentioned support could trigger a bearish run towards 115.00 area over the upcoming hours, yet on contrary, an acceleration above 116.70 should point for further gains towards the roof of the range between 117.50 and 117.80," comments Valeria Bednarik, Chief Analyst at FXstreet.com.

At the time of writing, the pair is quoted in the 116.20 price zone, around 35 pips below its starting price.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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