3 Feb 2014
EUR/JPY is desperately knocking against the brick wall of 138.00
FXstreet.com (Moscow) - EUR/JPY is poking the resistance zone of 138.00 after opening at 137.50, as the JPY is on downside correction across the board.
Eurozone PMI is the only hope for EUR/JPY today
It seems that EUR/JPY is trying to explore how deep the rabbit hole goes. The cross swept away a number of support levels on its way down and closed the week below 138.00. The EUR/JPY is pressured down by EUR weakness coupled with JPY strength as the global investors, terrified by EM crisis, seek safety. Japan publishes January official reserve assets data later today, though the market reaction is likely to be rather muted. We are also waiting for the European PMI reports. Better than expected numbers will provide short-term support to the single currency, while the longer-term bias is deeply bearish as long as the cross stays below 139.00. Watch out for 138.50 resistance as the EUR/JPY may be sold on the rebound to this level. The support comes at 137.45-50.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.27, with support below at 137.02, 136.25 and 134.99, with resistance above at 139.04, 140.30, and 141.07. Hourly Moving Averages are mostly bearish, with the 200SMA at 140.38 and the daily 20EMA at 140.78. Hourly RSI is neutral at 41.
Eurozone PMI is the only hope for EUR/JPY today
It seems that EUR/JPY is trying to explore how deep the rabbit hole goes. The cross swept away a number of support levels on its way down and closed the week below 138.00. The EUR/JPY is pressured down by EUR weakness coupled with JPY strength as the global investors, terrified by EM crisis, seek safety. Japan publishes January official reserve assets data later today, though the market reaction is likely to be rather muted. We are also waiting for the European PMI reports. Better than expected numbers will provide short-term support to the single currency, while the longer-term bias is deeply bearish as long as the cross stays below 139.00. Watch out for 138.50 resistance as the EUR/JPY may be sold on the rebound to this level. The support comes at 137.45-50.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.27, with support below at 137.02, 136.25 and 134.99, with resistance above at 139.04, 140.30, and 141.07. Hourly Moving Averages are mostly bearish, with the 200SMA at 140.38 and the daily 20EMA at 140.78. Hourly RSI is neutral at 41.