EUR/JPY: headed for a break of 114.05? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair continued trading within familiar ranges during the past sessions modestly higher daily basis, but flat for a second consecutive week, as the FX market is all about the dollar these days.

Key Quotes:

"Comments of an intervention coming from Japanese authorities about more easing coming next month, helped the pair bounce up to 113.70, also underpinned by a stronger EUR. Technically, the 1 hour chart shows that the price is currently above its 100 and 200 SMAs, while the technical indicators hold within positive territory, but with limited upward strength."

"In the 4 hours chart, the price was halted for a second consecutive day by selling interest around a bearish 100 SMA, currently around the mentioned daily higher, whilst the technical indicators have turned flat within positive territory. The pair can extend its rally on a break above the 114.05 region, this week high and the 50% retracement of its latest bullish run."