4 Apr 2014
EUR/JPY is consolidating with bearish bias
FXStreet (Moscow) - Following a respective high and low at 142.65 and 142.38 , EUR/JPY is currently trading at 142.39, down -0.14% on the day.
EUR/JPY’s fall is Draghi’s fault
The cross finished Thursday well below 143.00, and far away from its intraday high of 143.44 as the market participants considered the comments from the Head of the European central bank and decided that he is dovish. Well, he has been passively dovish for quite a long time already, leaving the market with the hope that next time he’ll brace himself for a bolder step. The single currency was under selling pressure, but the downside movement was not as deep as it might be, so now the near term EUR dynamics depend on whether we will have a follow through today. The EUR/JPY pivotal support is 142.00. if it is broken, the short-term sentiments will become more bearish. The bulls need to take out 143.00 to get a chance to return to yesterdays highs.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 142.43 [Last Price], 142.58 (Daily Open), 142.63 (Hourly 100 SMA), 142.63 (Hourly 20 EMA), 142.65 (Daily High) and 142.79 (Daily Classic PP).
EUR/JPY’s fall is Draghi’s fault
The cross finished Thursday well below 143.00, and far away from its intraday high of 143.44 as the market participants considered the comments from the Head of the European central bank and decided that he is dovish. Well, he has been passively dovish for quite a long time already, leaving the market with the hope that next time he’ll brace himself for a bolder step. The single currency was under selling pressure, but the downside movement was not as deep as it might be, so now the near term EUR dynamics depend on whether we will have a follow through today. The EUR/JPY pivotal support is 142.00. if it is broken, the short-term sentiments will become more bearish. The bulls need to take out 143.00 to get a chance to return to yesterdays highs.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 142.43 [Last Price], 142.58 (Daily Open), 142.63 (Hourly 100 SMA), 142.63 (Hourly 20 EMA), 142.65 (Daily High) and 142.79 (Daily Classic PP).