6 Mar 2014
EUR/JPY is within a whisker from the key resistance of 141.00
FXStreet (Moscow) - EUR/JPY touched the current Asian high at 140.95 due to strong JPY sales in USD/JPY, but the upside stalled as the cross bumped into fresh offers
EUR/JPY is ECB dependent today
On Wednesday, EUR/JPY touched the resistance area at 140.70-80, but the upside momentum faded away and the cross returned to 104.49 by the end of the day. EUR/JPY is rather volatile in Asia and the European traders might also do their bit for the cross dynamics. Position adjustment before the ECB meeting may inspire more volatile movements in EUR/JPY, but we do not expect it to leave its broad range ahead of the risk event. Later during the day the fate of the cross will be defined by general EUR sentiment. ECB monetary decision may well be non-event as hardly anyone expect rate changes this time. But none can say sure as markets will focus on Draghi’s commentaries during the press-conference and on ECB staff inflation forecasts. The key levels to watch: 141.00-141.20 on the upside and 140.10 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.49, with support below at 140.17, 139.87 and 139.55, with resistance above at 140.78, 141.10, and 141.40. Hourly Moving Averages are bullish, with the 200SMA at 140.25 and the daily 20EMA at 140.11. Hourly RSI is neutral at 58.
EUR/JPY is ECB dependent today
On Wednesday, EUR/JPY touched the resistance area at 140.70-80, but the upside momentum faded away and the cross returned to 104.49 by the end of the day. EUR/JPY is rather volatile in Asia and the European traders might also do their bit for the cross dynamics. Position adjustment before the ECB meeting may inspire more volatile movements in EUR/JPY, but we do not expect it to leave its broad range ahead of the risk event. Later during the day the fate of the cross will be defined by general EUR sentiment. ECB monetary decision may well be non-event as hardly anyone expect rate changes this time. But none can say sure as markets will focus on Draghi’s commentaries during the press-conference and on ECB staff inflation forecasts. The key levels to watch: 141.00-141.20 on the upside and 140.10 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.49, with support below at 140.17, 139.87 and 139.55, with resistance above at 140.78, 141.10, and 141.40. Hourly Moving Averages are bullish, with the 200SMA at 140.25 and the daily 20EMA at 140.11. Hourly RSI is neutral at 58.