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5 Jun 2014
EUR/JPY bears are ready for exploits and mighty enterprises
FXStreet (Moscow) - EUR/JPY settled around 139.40 support after opening at 139.69.
ECB dependant
EUR/JPY finished Wednesday nearly unchanged and gave birth to a doji on a daily chart that may suggest that the short-term bullish momentum is fading away. Should it get a confirmation in the form of bearish candle today, the bearish target of 138.00 will become viable once again. The cross was under pressure early in Asia today as the Japanese currency gained ground across the board on the back of lower US Treasury yields and more intense risk aversion. During the European session EUR/JPY fate will be shaped by the single currency sentiments. Most of ECB actions is already priced in, thus if the ECB does not have an ace in the hole, markets may be disappointed and reverse short EUR positions. In this case EUR/JPY might dip lower to 139.00. The upside is likely to be capped by 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.76, with support below at 139.51, 139.31 and 139.06, with resistance above at 139.96, 140.21, and 140.41. Hourly Moving Averages are mixed with the 200SMA at 138.98 and the daily 20EMA at 139.49. Hourly RSI is bearish at 46.
ECB dependant
EUR/JPY finished Wednesday nearly unchanged and gave birth to a doji on a daily chart that may suggest that the short-term bullish momentum is fading away. Should it get a confirmation in the form of bearish candle today, the bearish target of 138.00 will become viable once again. The cross was under pressure early in Asia today as the Japanese currency gained ground across the board on the back of lower US Treasury yields and more intense risk aversion. During the European session EUR/JPY fate will be shaped by the single currency sentiments. Most of ECB actions is already priced in, thus if the ECB does not have an ace in the hole, markets may be disappointed and reverse short EUR positions. In this case EUR/JPY might dip lower to 139.00. The upside is likely to be capped by 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.76, with support below at 139.51, 139.31 and 139.06, with resistance above at 139.96, 140.21, and 140.41. Hourly Moving Averages are mixed with the 200SMA at 138.98 and the daily 20EMA at 139.49. Hourly RSI is bearish at 46.