EUR/JPY watch for clues in Europe

FXStreet (Moscow) - EUR/JPY is strong early in Asia despite weak Nikkei opening; The cross is trading at 141.50 from 141.38 at the beginning of the session

EUR/JPY is EUR data dependent

EUR/JPY dipped below 141.00 on Monday, but quickly returned to the old cosy range on the back of EUR-rally across the board. Tuesday is going to be rather volatile again as the market waits for German business confidence from IFO to be published later during the day. The expectations indicator is supposed to be of greater importance this time as it may reflect Russian concerns. According to the forecast the indicator will come out at 107.7 in March against 108.3 in February. This may push the single currency lower across the board. From the technical point of view, keep an eye at the support of 141.00 and 140.70; the resistance is seen at 141.70 and 141.90/00.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 141.37, with support below at 140.82, 140.16 and 139.61, with resistance above at 142.04, 142.59, and 143.25. Hourly Moving Averages are bullish, with the 200SMA at 141.47 and the daily 20EMA at 141.28. Hourly RSI is neutral at 58.