1 May 2014
EUR/JPY rises to challenge 142.00
FXStreet (Córdoba) - The EUR/JPY rose to challenge the 142.00 level at the beginning of the European session as the euro gains momentum across the board in quiet trading, with most markets closed due to the Labor Day.
Amid low volume and with the EUR/USD trading at 4-week highs, the EUR/JPY climbed to a high of 142.00 but lacked follow-through to break above the psychological level. At time of writing, the EUR/JPY is at 141.82, still 0.13% above its opening price.
In the macroeconomic domain, the Eurozone calendar is empty for the rest of the session. This week the BoJ decided to stand pat and expectations are growing the ECB will do the same when it meets next week.
EUR/JPY levels to watch
In terms of technical levels, if the EUR/JPY breaks above the 142.00 level, next resistances could be found at 142.12 (Apr 30 high) and 142.46 (Apr 29 high). On the other hand, supports are seen at 141.65 (May 1 low/10-day SMA), 141.26 (100-day SMA) and 141.11 (Apr 30 low).
Amid low volume and with the EUR/USD trading at 4-week highs, the EUR/JPY climbed to a high of 142.00 but lacked follow-through to break above the psychological level. At time of writing, the EUR/JPY is at 141.82, still 0.13% above its opening price.
In the macroeconomic domain, the Eurozone calendar is empty for the rest of the session. This week the BoJ decided to stand pat and expectations are growing the ECB will do the same when it meets next week.
EUR/JPY levels to watch
In terms of technical levels, if the EUR/JPY breaks above the 142.00 level, next resistances could be found at 142.12 (Apr 30 high) and 142.46 (Apr 29 high). On the other hand, supports are seen at 141.65 (May 1 low/10-day SMA), 141.26 (100-day SMA) and 141.11 (Apr 30 low).