EUR/JPY is confined to a narrow range in Asia

FXStreet (Moscow) - EUR/JPY sticks to its opening level of 138.30 as traders are trying to adjust to the situation after yesterday’s bullish assault

EUR/JPY wrapped its bears around its little finger

EUR/JPY broke into action together with other EUR-crosses on Monday, due to improved risk sentiment. This momentum helped the cross to overcome 138.00 resistance and finish the day at 138.30. Bulls might have started opening the champaign, but the celebration may turn out to be premature, as there are 138.60 and 138.80 resistance levels to overcome before we may start to speak about short-term trend reversion. Today investors’ attention is focused on Yellen’s speech before Congress, while the European calendsr is ned to empty. So follow the risk sentiments and general EUR movements as they are going to shape the fate of EUR/JPY today.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 138.19, with support below at 137.91, 137.54 and 137.25, with resistance above at 138.56, 138.85, and 139.22. Hourly Moving Averages are mixed with the 200SMA at 138.45 and the daily 20EMA at 138.55. Hourly RSI is bullish at 60.