EUR/JPY: more slides on the way? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair bounced from the bottom of its recent range to close the day barely above the 113.00 figure, holding within familiar ranges as both currencies remain in wait-and-see mode ahead of Yellen.

Key Quotes:

"The Japanese yen, however, remains bullish, maintaining the risk towards the downside.

Technically, the 1 hour chart shows that the price is below its 100 and 200 SMAs, while the technical indicators pared their recovery below their mid-lines before turning south, pointing for  a retest of the 112.80 critical Fibonacci support.

In the 4 hours chart, the price is a handful of pips below a bearish 100 SMA, while indicators head nowhere within bearish territory, also in line with further slides ahead."