6 May 2014
EUR/JPY bears are hesitant at 141.60
FXStreet (Moscow) - EUR/JPY came off from the opening level of 141.70 and touched current low at 141.58
Bears are on the alert
On Mondat EUR/JPY touched the lows at 141.27, but managed to rebound to 141.77 by the end of the day. The cross was influenced mainly by risk aversive sentiments that drove JPY higher. EUR/JPY is still under pressure early on Tuesday as geopolitical factors affect investors sentiments. European PMIs in service sector might increase the downside pressure on the cross if the numbers are lower than forecasted, but the reaction is not likely to be either strong of ling-lived. EUR/JPY bears aim at yesterday’s low at 141.27, once they clear it out, the key support of 141.00 will come into sight. That’s where the short-term bears will be stopped. The resistance of 141.70/80 is likely to limit the upside corrections.
What are today’s key EUR/JPY levels?
Spot is presently trading at 141.61, and next resistance can be seen at 141.63 (Daily Classic PP), 141.68 (Hourly 20 EMA), 141.70 (Hourly 200 SMA), 141.72 (Weekly Low) and 141.73 (Daily Open).
Support below can be found at 141.59 (Daily 20 SMA), 141.59 (Daily Low), 141.38 (Daily Classic S1), 141.31 (Daily 100 SMA) and 141.29 (Yesterday's Low).
Bears are on the alert
On Mondat EUR/JPY touched the lows at 141.27, but managed to rebound to 141.77 by the end of the day. The cross was influenced mainly by risk aversive sentiments that drove JPY higher. EUR/JPY is still under pressure early on Tuesday as geopolitical factors affect investors sentiments. European PMIs in service sector might increase the downside pressure on the cross if the numbers are lower than forecasted, but the reaction is not likely to be either strong of ling-lived. EUR/JPY bears aim at yesterday’s low at 141.27, once they clear it out, the key support of 141.00 will come into sight. That’s where the short-term bears will be stopped. The resistance of 141.70/80 is likely to limit the upside corrections.
What are today’s key EUR/JPY levels?
Spot is presently trading at 141.61, and next resistance can be seen at 141.63 (Daily Classic PP), 141.68 (Hourly 20 EMA), 141.70 (Hourly 200 SMA), 141.72 (Weekly Low) and 141.73 (Daily Open).
Support below can be found at 141.59 (Daily 20 SMA), 141.59 (Daily Low), 141.38 (Daily Classic S1), 141.31 (Daily 100 SMA) and 141.29 (Yesterday's Low).