1 May 2014
EUR/JPY - Undefined bias as bulls/bears fight for dominance
FXStreet (Bali) - EUR/JPY is unchanged on the day at 141.79, having previously posted a daily high at 141.90 and a low at 141.69.
EUR/JPY technicals
Valeria Bednarik, Chief Analyst at FXStreet.com, notes: "Having advanced up to 142.12, the EUR/JPY faltered again around a key Fibonacci resistance, 61.8% retracement of the latest daily bearish run. The hourly chart shows price finding intraday support now around the convergence of 100 and 200 SMA in the 141.60 area, while indicators maintain a positive tone, heading higher above their midlines. In the 4 hours chart however, indicators gain bearish strength around their midlines, keeping the pressure to the downside in the short term."
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. A climbing 200 SMA on the hourly EUR/JPY chart is currently at 141.81, up from 141.64 at the previous close. Over the past 20 days, the exponential average closing price is 141.53, and ranging.
How volatile has been?
2-Standard Deviation Volatility Bandwidth is at 184 pips and shrinking on a daily chart. Further, today’s peak period for volatility is between 13:00-14:00 GMT, which sees an average movement of 23 pips over the previous four week period.
What price levels and patterns have to be considered?
Spot is presently trading at 141.81, and next resistance can be seen at 141.90 (Daily High), 141.92 (Weekly Classic R1), 141.95 (Daily Classic PP), 141.96 (Weekly High) and 142.18 (Yesterday's High). Support below can be found at 141.79 (Daily Open), 141.73 (Hourly 20 EMA), 141.69 (Daily Low), 141.69 (Hourly 100 SMA) and 141.64 (Hourly 200 SMA).
EUR/JPY technicals
Valeria Bednarik, Chief Analyst at FXStreet.com, notes: "Having advanced up to 142.12, the EUR/JPY faltered again around a key Fibonacci resistance, 61.8% retracement of the latest daily bearish run. The hourly chart shows price finding intraday support now around the convergence of 100 and 200 SMA in the 141.60 area, while indicators maintain a positive tone, heading higher above their midlines. In the 4 hours chart however, indicators gain bearish strength around their midlines, keeping the pressure to the downside in the short term."
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. A climbing 200 SMA on the hourly EUR/JPY chart is currently at 141.81, up from 141.64 at the previous close. Over the past 20 days, the exponential average closing price is 141.53, and ranging.
How volatile has been?
2-Standard Deviation Volatility Bandwidth is at 184 pips and shrinking on a daily chart. Further, today’s peak period for volatility is between 13:00-14:00 GMT, which sees an average movement of 23 pips over the previous four week period.
What price levels and patterns have to be considered?
Spot is presently trading at 141.81, and next resistance can be seen at 141.90 (Daily High), 141.92 (Weekly Classic R1), 141.95 (Daily Classic PP), 141.96 (Weekly High) and 142.18 (Yesterday's High). Support below can be found at 141.79 (Daily Open), 141.73 (Hourly 20 EMA), 141.69 (Daily Low), 141.69 (Hourly 100 SMA) and 141.64 (Hourly 200 SMA).