8 May 2014
EUR/JPY is at a loss, sitting at its opening level of 141.75
FXStreet (Moscow) - EUR/JPY is consolidating at the opening level of 141.75, waiting for the ECB rate decision, the key event of the week
What Draghi has to say
EUR/JPY rebounded from intraday lows at 141.13 and ended Wednesday marginally higher at 141.75 as geopolitical de-escalation reduced buying pressure on JPY. In early European hours EUR/JPY movements will be shaped by ECB decision expectations. The stakes are high, and if Draghi and Co do not give the markets something substantial to chew on, the single currency might go stratospheric. To be clear, rate cuts are hardly possible this time, but at least the ECB may signal that policy actions are on the horizon. The nearest resistance before ECB is seen at 142.00, wile the downside might be limited by 141.50-30
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.64, with support below at 141.25, 140.76 and 140.37, with resistance above at 142.14, 142.53, and 143.02. Hourly Moving Averages are mostly bullish with the 200SMA at 141.72 and the daily 20EMA at 141.61. Hourly RSI is bullish at 56.
What Draghi has to say
EUR/JPY rebounded from intraday lows at 141.13 and ended Wednesday marginally higher at 141.75 as geopolitical de-escalation reduced buying pressure on JPY. In early European hours EUR/JPY movements will be shaped by ECB decision expectations. The stakes are high, and if Draghi and Co do not give the markets something substantial to chew on, the single currency might go stratospheric. To be clear, rate cuts are hardly possible this time, but at least the ECB may signal that policy actions are on the horizon. The nearest resistance before ECB is seen at 142.00, wile the downside might be limited by 141.50-30
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.64, with support below at 141.25, 140.76 and 140.37, with resistance above at 142.14, 142.53, and 143.02. Hourly Moving Averages are mostly bullish with the 200SMA at 141.72 and the daily 20EMA at 141.61. Hourly RSI is bullish at 56.