18 Jul 2014
EUR/JPY can't get through 137.00 resistance
FXStreet (Moscow) - EUR/JPY managet to take off from the Asian low of 136.69 and now is trying to creep above 137.00, but the bullish momentum is not strong enough.
EUR/JPY is in despair
It’s the first time EUR/JPY closed below 137.00 since February 1. Safe-heaven flows forced the cross to drop below the above said pivotal support, though traders seemed to be cations to push it deeper into sub-137.00 area. Attempts to return above 137.00 in Asia supports this view. Fundamentals aside as geopolitics and risk sentiments will rule the day. Further Ukrainian conflict escalation and finger pointing between Ukraine Russia and West will deprive EUR/JPY of any hope to retrieve a defeat. The strong support comes at 136.70. Once it is clearly broken, there’ll be hell to pay as the cross will spiral down.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.09, with support below at 136.58, 136.30 and 135.79, with resistance above at 137.36, 137.87, and 138.15. Hourly Moving Averages are mixed with the 200SMA at 138.00 and the daily 20EMA at 138.26. Hourly RSI is bearish at 44.
EUR/JPY is in despair
It’s the first time EUR/JPY closed below 137.00 since February 1. Safe-heaven flows forced the cross to drop below the above said pivotal support, though traders seemed to be cations to push it deeper into sub-137.00 area. Attempts to return above 137.00 in Asia supports this view. Fundamentals aside as geopolitics and risk sentiments will rule the day. Further Ukrainian conflict escalation and finger pointing between Ukraine Russia and West will deprive EUR/JPY of any hope to retrieve a defeat. The strong support comes at 136.70. Once it is clearly broken, there’ll be hell to pay as the cross will spiral down.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.09, with support below at 136.58, 136.30 and 135.79, with resistance above at 137.36, 137.87, and 138.15. Hourly Moving Averages are mixed with the 200SMA at 138.00 and the daily 20EMA at 138.26. Hourly RSI is bearish at 44.