5 May 2014
EUR/JPY is under pressure as trader shoo away from risk
FXStreet (Moscow) - EUR/JPY came off from the opening level of 141.84 and touched current low at 141.27
Pressed down by risk
EUR/JPY has been sitting in a broad range limited by 140.70-141.80 for about seven weeks now. The cross managed to finish the previous week with marginal gains, after setting the weekly high at 142.45. Though Japanese markets are still closed for the Golden Week holiday, the cross is a big loser today as heightened geopolitical risks support demand for the safe-heaven JPY. Later during the day Eurozone PPI data will come into focus as new set of inflation data may trigger speculations about possible ECB actions aimed at elimination deflation threats. The numbers are expected to drop to new lows in April, but the substantial part of it is attributed to cheaper energy and commodities. Anyway, worse than forecasted data might be used as a pretext to EUR selling. From the technical point of view 141.00 is the key support, while the resistance is seen at 141.80/90.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.94, with support below at 141.43, 141.13 and 140.61, with resistance above at 142.24, 142.76, and 143.06. Hourly Moving Averages are bearish with the 200SMA at 141.70 and the daily 20EMA at 141.57. Hourly RSI is bearish at 28.
Pressed down by risk
EUR/JPY has been sitting in a broad range limited by 140.70-141.80 for about seven weeks now. The cross managed to finish the previous week with marginal gains, after setting the weekly high at 142.45. Though Japanese markets are still closed for the Golden Week holiday, the cross is a big loser today as heightened geopolitical risks support demand for the safe-heaven JPY. Later during the day Eurozone PPI data will come into focus as new set of inflation data may trigger speculations about possible ECB actions aimed at elimination deflation threats. The numbers are expected to drop to new lows in April, but the substantial part of it is attributed to cheaper energy and commodities. Anyway, worse than forecasted data might be used as a pretext to EUR selling. From the technical point of view 141.00 is the key support, while the resistance is seen at 141.80/90.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.94, with support below at 141.43, 141.13 and 140.61, with resistance above at 142.24, 142.76, and 143.06. Hourly Moving Averages are bearish with the 200SMA at 141.70 and the daily 20EMA at 141.57. Hourly RSI is bearish at 28.