10 Apr 2014
EUR/JPY is back below 141.00 support
FXStreet (Moscow) - EUR/JPY managed to climb to 141.45, but the upside was quickly reversed; the cross is trading at 140.93 with bearish bias.
EUR/JPY can't decide where to go
The key level of 140.00 was not broken, which means that the bears are not that strong yet. On the long term technical picture this area coincides with the neckline of the double top model. As long as the cross is above it, there is a chance to return to 143.00. From the fundamental point of view, only substantial risk profile improvement will let the Japanese currency to weaken across the board and thus support EUR/JPY rally. The European macro calendar is rather busy today. The session will start with French industrial production and CPI data, lower that expected numbers might trigger EUR-selling on hopes that ECB will come to senses and ease its monetary policy after all. On the intraday basis the closes support is seen 140.80. The resistance is at 141.45.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.03, with support below at 140.70, 140.08 and 139.76, with resistance above at 141.65, 141.97, and 142.59. Hourly Moving Averages are mixed, with the 200SMA at 141.99 and the daily 20EMA is neutral at 141.52. Hourly RSI is bullish at 53.
EUR/JPY can't decide where to go
The key level of 140.00 was not broken, which means that the bears are not that strong yet. On the long term technical picture this area coincides with the neckline of the double top model. As long as the cross is above it, there is a chance to return to 143.00. From the fundamental point of view, only substantial risk profile improvement will let the Japanese currency to weaken across the board and thus support EUR/JPY rally. The European macro calendar is rather busy today. The session will start with French industrial production and CPI data, lower that expected numbers might trigger EUR-selling on hopes that ECB will come to senses and ease its monetary policy after all. On the intraday basis the closes support is seen 140.80. The resistance is at 141.45.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.03, with support below at 140.70, 140.08 and 139.76, with resistance above at 141.65, 141.97, and 142.59. Hourly Moving Averages are mixed, with the 200SMA at 141.99 and the daily 20EMA is neutral at 141.52. Hourly RSI is bullish at 53.