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22 May 2014
EUR/JPY tries to compensate for losses
FXStreet (Moscow) - EUR/JPY is climbing to the pivotal resistance of 139.00 after unsuccessful attempt to the downside.
Bears are in retreat
Weaker than expected French flash PMI got EUR/JPY down to intraday lows of 138.66, though the downside was short-lived as traders used mixed German and EZ data as a pretext to enter new EUR longs. This pushed the single currency higher across the board. The technical factors also played their role as medium demand spotted on approach to 138.60, froze the bears’ enthusiasm. Now that the market focus shifts to UK GDP numbers, watch for knock on effects as positive GDP revision might put EUR under pressure against GBP, and thus influence EURJPY dynamics.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.61, with support below at 138.26, 137.79 and 137.45, with resistance above at 139.08, 139.42, and 139.89. Hourly Moving Averages are mixed with the 200SMA at 139.46 and the daily 20EMA at 140.24. Hourly RSI is bearish at 56.
Bears are in retreat
Weaker than expected French flash PMI got EUR/JPY down to intraday lows of 138.66, though the downside was short-lived as traders used mixed German and EZ data as a pretext to enter new EUR longs. This pushed the single currency higher across the board. The technical factors also played their role as medium demand spotted on approach to 138.60, froze the bears’ enthusiasm. Now that the market focus shifts to UK GDP numbers, watch for knock on effects as positive GDP revision might put EUR under pressure against GBP, and thus influence EURJPY dynamics.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.61, with support below at 138.26, 137.79 and 137.45, with resistance above at 139.08, 139.42, and 139.89. Hourly Moving Averages are mixed with the 200SMA at 139.46 and the daily 20EMA at 140.24. Hourly RSI is bearish at 56.