18 Jun 2014
EUR/JPY is breaking through 138.50 resistance
FXStreet (Moscow) - EUR/JPY is positively biased as the cross started the day at 138.30 and moved to 138.53 in Asia; the upside momentum remains strong.
Who is the weaker of the two?
EUR/JPY is climbing high since the start of the week, though the upside momentum leaves much to be desired. The cross settled well above 138.00 level and thus eased some immediate bearish pressure. There are no interesting European publications today, but the cross may be influenced by the knock-on effects from FOMC meeting. Expect low key trading during the European hours and potential splash of volatility as the the news hit the wires. EUR/JPY might be torn apart as weaker EUR will be neutralized by weaker JPY. The question is, what currency is going to win this ugly contest. From the technical point of view, 138.50 followed by the strong resistance of 139.00 is still the key for the bulls, while the bears need to clear out 138.00 to extend the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.35, with support below at 138.14, 137.91 and 137.69, with resistance above at 138.58, 138.80, and 139.03. Hourly Moving Averages are mixed with the 200SMA at 138.65 and the daily 20EMA at 138.95. Hourly RSI is bullish at 56.
Who is the weaker of the two?
EUR/JPY is climbing high since the start of the week, though the upside momentum leaves much to be desired. The cross settled well above 138.00 level and thus eased some immediate bearish pressure. There are no interesting European publications today, but the cross may be influenced by the knock-on effects from FOMC meeting. Expect low key trading during the European hours and potential splash of volatility as the the news hit the wires. EUR/JPY might be torn apart as weaker EUR will be neutralized by weaker JPY. The question is, what currency is going to win this ugly contest. From the technical point of view, 138.50 followed by the strong resistance of 139.00 is still the key for the bulls, while the bears need to clear out 138.00 to extend the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.35, with support below at 138.14, 137.91 and 137.69, with resistance above at 138.58, 138.80, and 139.03. Hourly Moving Averages are mixed with the 200SMA at 138.65 and the daily 20EMA at 138.95. Hourly RSI is bullish at 56.