Back
7 Jan 2014
EUR/JPY sits in a tight range
FXstreet.com (Moscow) - EUR/JPY is glued to the depressingly narrow range this morning after sharp downside movement yesterday during New York session.
EUR/JPY follows the Euro
Yesterday the cross tested nearly 3-week low at 141.48 (last seen on December 18). but failed to stay there and retraced to 142.16. Today the cross is consolidating within a pretty tight range. Obviously, Euro strength is the main driver behind the EUR/JPY moves, though it is slightly offset by JPY gains in USD/JPY. There is no macroeconomic data from Japan today, but speculations surrounding possible growth of inflation (the report is published on January 15) might send the Yen higher due to position adjustment. Traders will hardly be eager to open new positions ahead of the event. The resistance at 142.85 might cap the upside while the support at 141.45 is the key to the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 142.13, with support below at 141.45, 140.82 and 140.14, with resistance above at 142.75, 143.43, and 144.06. Hourly Moving Averages are mixed, with the 200SMA at 143.65 and the daily 20EMA at 142.38. Hourly RSI is neutral at 57/30.
EUR/JPY follows the Euro
Yesterday the cross tested nearly 3-week low at 141.48 (last seen on December 18). but failed to stay there and retraced to 142.16. Today the cross is consolidating within a pretty tight range. Obviously, Euro strength is the main driver behind the EUR/JPY moves, though it is slightly offset by JPY gains in USD/JPY. There is no macroeconomic data from Japan today, but speculations surrounding possible growth of inflation (the report is published on January 15) might send the Yen higher due to position adjustment. Traders will hardly be eager to open new positions ahead of the event. The resistance at 142.85 might cap the upside while the support at 141.45 is the key to the downside.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 142.13, with support below at 141.45, 140.82 and 140.14, with resistance above at 142.75, 143.43, and 144.06. Hourly Moving Averages are mixed, with the 200SMA at 143.65 and the daily 20EMA at 142.38. Hourly RSI is neutral at 57/30.