29 Apr 2014
EUR/JPY bulls try to repeat Monday's success; 142.00 might give in
FXStreet (Moscow) - EUR/JPY is poking at 142.00 resistance level on the back of EUR growth across the board
Eurozone data rules the day
EUR/JPY was one of the best performers on Monday. The cross stopped short of the key resistance level at 142.00 (intraday high is 141.96). This was caused by EUR strength coupled with JPY weakness on the back of positive risk sentiments. Today the cross movements might be influenced by German inflation data that preceeds EX CPI published on Wednesday. A rebound in inflation will provide ECB with more breathing space and push EUR slightly down, though we do not expect a substantial reaction if the data meets the expectations as this news has been already priced in. EUR/JPY upside may be limited by 142.60, hill an important support level is seen at 141.70
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.70, with support below at 141.24, 140.52 and 140.06, with resistance above at 142.42, 142.88, and 143.60. Hourly Moving Averages are bullish with the 200SMA at 141.53 and the daily 20EMA at 141.46. Hourly RSI is bullish at 62.
Eurozone data rules the day
EUR/JPY was one of the best performers on Monday. The cross stopped short of the key resistance level at 142.00 (intraday high is 141.96). This was caused by EUR strength coupled with JPY weakness on the back of positive risk sentiments. Today the cross movements might be influenced by German inflation data that preceeds EX CPI published on Wednesday. A rebound in inflation will provide ECB with more breathing space and push EUR slightly down, though we do not expect a substantial reaction if the data meets the expectations as this news has been already priced in. EUR/JPY upside may be limited by 142.60, hill an important support level is seen at 141.70
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.70, with support below at 141.24, 140.52 and 140.06, with resistance above at 142.42, 142.88, and 143.60. Hourly Moving Averages are bullish with the 200SMA at 141.53 and the daily 20EMA at 141.46. Hourly RSI is bullish at 62.