13 Jan 2014
EUR/JPY follows the broad yen strength
FXstreet.com (Moscow) - After a sharp drop in early Asia, EUR/JPY calmed down, and turned to consolidation around 141.45 area.
What’s in store for EUR/JPY?
The cross spent the whole week consolidating. Even US Non-Farm Payrolls report didn’t push it out of the range. There are no calendar risk events for the cross scheduled for today, so it is again at the mercy of the speculations, position adjustment and technical factors. The pair already got the first catalyst – broad yen strength made the pair lose 60 pips in an hour. As for technical picture, three lower tops at 1h chart imply that further downside is possible. If the initial support at 141.40 is broken, we may see the move to 140.76.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 142.44, with support below at 141.40 (S1) and 140.76 (S2), with resistance above at 142.84 (R1), 143.48 (R2), and 143.88 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 142.97 and the daily 20EMA flat at 142.37. Hourly RSI is neutral at 27.
What’s in store for EUR/JPY?
The cross spent the whole week consolidating. Even US Non-Farm Payrolls report didn’t push it out of the range. There are no calendar risk events for the cross scheduled for today, so it is again at the mercy of the speculations, position adjustment and technical factors. The pair already got the first catalyst – broad yen strength made the pair lose 60 pips in an hour. As for technical picture, three lower tops at 1h chart imply that further downside is possible. If the initial support at 141.40 is broken, we may see the move to 140.76.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 142.44, with support below at 141.40 (S1) and 140.76 (S2), with resistance above at 142.84 (R1), 143.48 (R2), and 143.88 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 142.97 and the daily 20EMA flat at 142.37. Hourly RSI is neutral at 27.