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7 Jul 2014
EUR/JPY dances around 138.70
FXStreet (Moscow) - EUR/JPY is practically paralyzed early in Asia as markets are listless after a deep drop on Friday
A bad patch for EUR/JPY?
EUR/JPY ran out of luck on Friday as a sudden drop at the start of the European session put an end to the sequence of four bullish days. Despite marginally positive weekly close, the fact that the cross failed to settle above 139.00 might suggest that the bullish momentum’s running out of steam. Today we are waiting for German Industrial production numbers that are expected to show a substantial y/y improvement. Good figures may lend EUR some support, but mark reaction is likely to be muted as inverses are focused on Draghi’s speech later today in hopes to get more details about his stimulating program. The key levels to watch on the intraday basis are 139.00 on the upside and 138.50 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.84, with support below at 138.49, 138.23 and 137.87, with resistance above at 139.10, 139.46, and 139.72. Hourly Moving Averages are mixed with the 200SMA at 138.71 and the daily 20EMA at 138.83. Hourly RSI is bearish at 43.
A bad patch for EUR/JPY?
EUR/JPY ran out of luck on Friday as a sudden drop at the start of the European session put an end to the sequence of four bullish days. Despite marginally positive weekly close, the fact that the cross failed to settle above 139.00 might suggest that the bullish momentum’s running out of steam. Today we are waiting for German Industrial production numbers that are expected to show a substantial y/y improvement. Good figures may lend EUR some support, but mark reaction is likely to be muted as inverses are focused on Draghi’s speech later today in hopes to get more details about his stimulating program. The key levels to watch on the intraday basis are 139.00 on the upside and 138.50 on the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.84, with support below at 138.49, 138.23 and 137.87, with resistance above at 139.10, 139.46, and 139.72. Hourly Moving Averages are mixed with the 200SMA at 138.71 and the daily 20EMA at 138.83. Hourly RSI is bearish at 43.