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12 Jun 2014
EUR/JPY bears are exhausted; 138.00 support stays intact
FXStreet (Moscow) - EUR/JPY is climbing away from the bespoke support of 138.00; currently the cross is trading at 138.31 after touching the Asian low at 137.98.
New low every day
EUR/JPY through the third day of a deep decline in a row due to EUR weakening and JPY strengthening across the board. the European Central Bank eased its monetary policy and shifted its deposit rate to the negative territory, while Bank of Japan is expected to take on a "wait and see» approach, which makes EUR more attractive for the carry-traders. There are a couple of interesting publications from Europe scheduled for today. French CPI will be in focus as investors got used to monitoring EZ inflation numbers. Apart from that we have EZ industrial production numbers and ECB monthly report. These data might trigger some EUR volatility, but overall sentiments will hardly be changed. From the technical point of view, keep an eye at 138.45/50 on the upside and 138.00 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.22, with support below at 137.76, 137.40 and 136.94, with resistance above at 138.58, 139.04, and 139.40. Hourly Moving Averages are mixed with the 200SMA at 139.23 and the daily 20EMA at 139.34. Hourly RSI is bearish at 45.
New low every day
EUR/JPY through the third day of a deep decline in a row due to EUR weakening and JPY strengthening across the board. the European Central Bank eased its monetary policy and shifted its deposit rate to the negative territory, while Bank of Japan is expected to take on a "wait and see» approach, which makes EUR more attractive for the carry-traders. There are a couple of interesting publications from Europe scheduled for today. French CPI will be in focus as investors got used to monitoring EZ inflation numbers. Apart from that we have EZ industrial production numbers and ECB monthly report. These data might trigger some EUR volatility, but overall sentiments will hardly be changed. From the technical point of view, keep an eye at 138.45/50 on the upside and 138.00 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.22, with support below at 137.76, 137.40 and 136.94, with resistance above at 138.58, 139.04, and 139.40. Hourly Moving Averages are mixed with the 200SMA at 139.23 and the daily 20EMA at 139.34. Hourly RSI is bearish at 45.