9 Jun 2014
EUR/JPY retraced from 140.00 resistance
FXStreet (Moscow) - EUR/JPY tried to poke at the resistance level of 140.00 and set the intraday high at 140.08, but failed to hold ground and retraced to 139.90.
More lucky than EUR/USD
EUR/JPY tends to copy EUR/USD movements, but this time the cross managed to gain 100 pips on weekly basis, unlike its major «cousin» and finished week nearly unchanged. JPY was under pressure across the board, which helped the bulls to push the cross higher. From a longer-term perspective, two doji candles followed by a strong bullish candle on weekly charts suggest that the downside momentum may be coming to an end. Now is the cross manages to break above 140.00, a more sustained upside towards 141.80/142.00 might be in store for us. On the intraday basis the cross might lack direction and oscillate in a narrow range limited by 140.00 on the upside and 139.50 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.74, with support below at 139.48, 139.13 and 138.87, with resistance above at 140.09, 140.35, and 140.70. Hourly Moving Averages are mostly bullish with the 200SMA at 139.13 and the daily 20EMA at 139.58. Hourly RSI is bullish at 57.
More lucky than EUR/USD
EUR/JPY tends to copy EUR/USD movements, but this time the cross managed to gain 100 pips on weekly basis, unlike its major «cousin» and finished week nearly unchanged. JPY was under pressure across the board, which helped the bulls to push the cross higher. From a longer-term perspective, two doji candles followed by a strong bullish candle on weekly charts suggest that the downside momentum may be coming to an end. Now is the cross manages to break above 140.00, a more sustained upside towards 141.80/142.00 might be in store for us. On the intraday basis the cross might lack direction and oscillate in a narrow range limited by 140.00 on the upside and 139.50 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.74, with support below at 139.48, 139.13 and 138.87, with resistance above at 140.09, 140.35, and 140.70. Hourly Moving Averages are mostly bullish with the 200SMA at 139.13 and the daily 20EMA at 139.58. Hourly RSI is bullish at 57.