30 Jan 2014
EUR/JPY is sleeping in a range after violent moves on Wednesday
FXstreet.com (Moscow) - EUR/JPY bears took a time out after the violent move lower on Wednesday, as the cross now quietly consolidates in a narrow range marginally higher than the opening level of 139.38
EUR/JPY needs a rest after violent moves
EUR/JPY, just like other JPY crosses moved significantly lower on Wednesday as EM turmoil and anticipation of the FED tapering decision pushed the safe-haven currencies higher. The decision itself was just in line with the market expectations and produced no fireworks, as it was already priced in. EUR/JPY briefly touched the support line of 139.00 and returned to the pre-FED level pretty soon. Japan published rather weak December retail sales data, but the traders just ignored it. Lower China PMI and Nikkei deeply in red failed to trigger their interest either. Looks like the cross is preparing to spend the day in the tight range after yesterday’s movements. Germany publishes its labor market statistics today, which may push EUR lower across the board should the numbers come out worse than expected. The key support level to watch today is 139.00, once it is broken the downside may accelerate to 139.65-70. To the upside, resistance comes at 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.97, with support below at 138.65, 137.72 and 136.39, with resistance above at 140.90, 142.23, and 143.16. Hourly Moving Averages are bearish, with the 200SMA at 140.93 and the daily 20EMA at 141.30. Hourly RSI is neutral at 35.
EUR/JPY needs a rest after violent moves
EUR/JPY, just like other JPY crosses moved significantly lower on Wednesday as EM turmoil and anticipation of the FED tapering decision pushed the safe-haven currencies higher. The decision itself was just in line with the market expectations and produced no fireworks, as it was already priced in. EUR/JPY briefly touched the support line of 139.00 and returned to the pre-FED level pretty soon. Japan published rather weak December retail sales data, but the traders just ignored it. Lower China PMI and Nikkei deeply in red failed to trigger their interest either. Looks like the cross is preparing to spend the day in the tight range after yesterday’s movements. Germany publishes its labor market statistics today, which may push EUR lower across the board should the numbers come out worse than expected. The key support level to watch today is 139.00, once it is broken the downside may accelerate to 139.65-70. To the upside, resistance comes at 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.97, with support below at 138.65, 137.72 and 136.39, with resistance above at 140.90, 142.23, and 143.16. Hourly Moving Averages are bearish, with the 200SMA at 140.93 and the daily 20EMA at 141.30. Hourly RSI is neutral at 35.