22 Jul 2014
EUR/JPY is trying to settle above 137.00
FXStreet (Moscow) - EUR/JPY took off from 137.09 at the opening and moved to 137.24, deeper to the bullish territory
EUR/JPY is stuck
Has EUR/JPY bottomed out at 136.69, or its just a short respite before a rush to new multi-month lows? The answer to this question is elusive. But there are several observations to be considered. First, the cross cannot close above 137.00 pivot, which is definitely bears despite lack of bearish momentum. EUR/JPY is strongly influenced by overall JPY dynamics and, consequently, risk sentiments that have turned sour lately. On the other side of the equation is potential EUR rebound against USD that may drag EUR/JPY higher. Anyway, we need to see the cross clearly above 137.00 on daily basis to hope for further upside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.06, with support below at 136.94, 136.76 and 136.64, with resistance above at 137.24, 137.36, and 137.54. Hourly Moving Averages are bearish with the 200SMA bearish at 137.70 and the daily 20EMA bearish at 138.05. Hourly RSI is bullish at 58.
EUR/JPY is stuck
Has EUR/JPY bottomed out at 136.69, or its just a short respite before a rush to new multi-month lows? The answer to this question is elusive. But there are several observations to be considered. First, the cross cannot close above 137.00 pivot, which is definitely bears despite lack of bearish momentum. EUR/JPY is strongly influenced by overall JPY dynamics and, consequently, risk sentiments that have turned sour lately. On the other side of the equation is potential EUR rebound against USD that may drag EUR/JPY higher. Anyway, we need to see the cross clearly above 137.00 on daily basis to hope for further upside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.06, with support below at 136.94, 136.76 and 136.64, with resistance above at 137.24, 137.36, and 137.54. Hourly Moving Averages are bearish with the 200SMA bearish at 137.70 and the daily 20EMA bearish at 138.05. Hourly RSI is bullish at 58.