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EUR/JPY stuck around yearly highs above 137.40

FXstreet.com (Chicago) – EUR/JPY maintains earliest rally’s gains above the 137.40 front after retracing from the 138.00 front.

Perspective

According to Valeria Bednarik, FXstreet.com analyst, “the EUR/JPY consolidated in a tight range, still holding above 137.10 23.6% retracement of its latest bullish run. The hourly chart shows price still above bullish moving averages, while momentum stands around its midline and CCI turns lower, reflecting the lack of interest around current levels. In the 4 hours chart indicators continue diverging from price, heading strongly south and approaching their midlines and suggesting some downward correction ahead moreover if mentioned support gives up. To …read more