13 Jun 2014
EUR/JPY runs away from 138.00 support
FXStreet (Moscow) - EUR/JPY bears failed to break below 138.00 support and started an upside rebound; the cross set current Asian high at 138.24.
EUR/JPY is the hostage of two factors
The post consumption tax hike round of economic data is already leaking through, and if the readings out of Japan support the fears the economy is slowing, it may put the stop for the pair move to February lows. Another factor for the pair reversal lies in overdone nature of the recent euro weakness, as all the package of easing tools and even more is already in prices, and the correction is just the matter of time. The initial target to the upside may lat at 138.30 resistance level.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.97, with support below at 137.58, 137.33 and 136.93, with resistance above at 138.22, 138.62, and 138.87. Hourly Moving Averages are mixed with the 200SMA at 139.12 and the daily 20EMA at 139.20. Hourly RSI is bearish at 49.
EUR/JPY is the hostage of two factors
The post consumption tax hike round of economic data is already leaking through, and if the readings out of Japan support the fears the economy is slowing, it may put the stop for the pair move to February lows. Another factor for the pair reversal lies in overdone nature of the recent euro weakness, as all the package of easing tools and even more is already in prices, and the correction is just the matter of time. The initial target to the upside may lat at 138.30 resistance level.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.97, with support below at 137.58, 137.33 and 136.93, with resistance above at 138.22, 138.62, and 138.87. Hourly Moving Averages are mixed with the 200SMA at 139.12 and the daily 20EMA at 139.20. Hourly RSI is bearish at 49.