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17 Feb 2014
EUR/JPY has retraced from the resistance of 139.40
FXStreet (Barcelona) - FXStreet (Barcelona) -
Just as most JPY crosses, EUR/JPY started the day with the downside movement to intraday lows and tried to get below 139.00 (current low is at 138.94), but new buying interest located there helped the cross to reverse some losses but the resistance zone at 139.40 capped the upside for the time being.
EUR/JPY turned a blind eye at Japanese GDP numbers
EUR/JPY was rangebound the whole week and finished it near the opening levels. The series of higher lows on daly chart signals that the there is a high probability of the upside breakout, while the bulls still need to go past 140.00 to feel safe. The GDP numbers published earlier today showed that the Japanese economy grew 0.4% in 4Q 2013. The readings were disappointing, but the the market reaction was pretty muted as the cross moved 40 pips high and stalled at 139.40. This resistance level is intensified by 50 EMA on hourly charts. Eurogroup meeting is scheduled for today, so the markets will listen carefully in hopes to get the official opinion on negative deposit rates and ECB policy in general. Comments on situation in Eurozone periphery might also be interesting. The closes support comes at 139.00 and followed by 138.80, while the resistance is seen at 139.45-50 and followed by 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.53, with support below at 138.92, 138.38 and 137.78, with resistance above at 140.06, 140.67, and 141.20. Hourly Moving Averages are mixed, with the 200SMA at 138.82 and the daily 20EMA at 139.67. Hourly RSI is neutral at 48.
Just as most JPY crosses, EUR/JPY started the day with the downside movement to intraday lows and tried to get below 139.00 (current low is at 138.94), but new buying interest located there helped the cross to reverse some losses but the resistance zone at 139.40 capped the upside for the time being.
EUR/JPY turned a blind eye at Japanese GDP numbers
EUR/JPY was rangebound the whole week and finished it near the opening levels. The series of higher lows on daly chart signals that the there is a high probability of the upside breakout, while the bulls still need to go past 140.00 to feel safe. The GDP numbers published earlier today showed that the Japanese economy grew 0.4% in 4Q 2013. The readings were disappointing, but the the market reaction was pretty muted as the cross moved 40 pips high and stalled at 139.40. This resistance level is intensified by 50 EMA on hourly charts. Eurogroup meeting is scheduled for today, so the markets will listen carefully in hopes to get the official opinion on negative deposit rates and ECB policy in general. Comments on situation in Eurozone periphery might also be interesting. The closes support comes at 139.00 and followed by 138.80, while the resistance is seen at 139.45-50 and followed by 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.53, with support below at 138.92, 138.38 and 137.78, with resistance above at 140.06, 140.67, and 141.20. Hourly Moving Averages are mixed, with the 200SMA at 138.82 and the daily 20EMA at 139.67. Hourly RSI is neutral at 48.