25 Apr 2014
EUR/JPY is drifting lower as CPI effect fading away
FXStreet (Moscow) - EUR/JPY has retraced from Asian highs of 141.72 and settled close to its opening level.
Kerry’s jawboning is somewhat scarier
EUR/JPY is gaining ground after yesterday’s attempt to test the pivotal support of 141.00. The cross mostly ignored the European macroeconomic news and Draghi’s comments, as investors were focused on geopolitical factors. As risk sentiments turned sour, they started to sell EUR and buy JPY in hopes to find safety in Japanese currency. We believe the upside caused by weak Japanese CPI numbers will у short-lived. The bulls will hardly make it higher than 141.80 as the European session is likely to trigger a new rush to safety into the end of the week. The economic calendar for the rest of the day is empty, so investors will be watching geopolitical developments.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.46, with support below at 141.10, 140.69 and 140.33, with resistance above at 141.87, 142.23, and 142.64. Hourly Moving Averages are mixed with the 200SMA at 141.55 and the daily 20EMA at 141.42. Hourly RSI is bullish at 50.
Kerry’s jawboning is somewhat scarier
EUR/JPY is gaining ground after yesterday’s attempt to test the pivotal support of 141.00. The cross mostly ignored the European macroeconomic news and Draghi’s comments, as investors were focused on geopolitical factors. As risk sentiments turned sour, they started to sell EUR and buy JPY in hopes to find safety in Japanese currency. We believe the upside caused by weak Japanese CPI numbers will у short-lived. The bulls will hardly make it higher than 141.80 as the European session is likely to trigger a new rush to safety into the end of the week. The economic calendar for the rest of the day is empty, so investors will be watching geopolitical developments.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.46, with support below at 141.10, 140.69 and 140.33, with resistance above at 141.87, 142.23, and 142.64. Hourly Moving Averages are mixed with the 200SMA at 141.55 and the daily 20EMA at 141.42. Hourly RSI is bullish at 50.