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29 Jul 2014
EUR/JPY is scared by 137.00 resistance
FXStreet (Moscow) - EUR/JPY resumed the upside and came close to 137.00 resistance after opening the day at 136.81
Still trapped
EUR/JPY edged higher on Monday, but did not leave its cozy range. Markets are waking up ahead of European session, but it is still unclear if we have any meaningful movements before Eurozone inflation figures that are supposed to come out unchanged from flash estimates. Though no surprises are expected, the devil is in details. Investors will be anxious to see if disinflation process has stopped or deflation risks are still growing. On the intraday basis the cross is likely to continue its rangebound ways. The upside might be limited by 137.00/10, while the downside will stop at 136.70.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.83, with support below at 136.71, 136.52 and 136.40, with resistance above at 137.02, 137.14, and 137.33. Hourly Moving Averages are bearish with the 200SMA bearish at 136.95 and the daily 20EMA bearish at 137.56. Hourly RSI is bullish at 62.
Still trapped
EUR/JPY edged higher on Monday, but did not leave its cozy range. Markets are waking up ahead of European session, but it is still unclear if we have any meaningful movements before Eurozone inflation figures that are supposed to come out unchanged from flash estimates. Though no surprises are expected, the devil is in details. Investors will be anxious to see if disinflation process has stopped or deflation risks are still growing. On the intraday basis the cross is likely to continue its rangebound ways. The upside might be limited by 137.00/10, while the downside will stop at 136.70.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.83, with support below at 136.71, 136.52 and 136.40, with resistance above at 137.02, 137.14, and 137.33. Hourly Moving Averages are bearish with the 200SMA bearish at 136.95 and the daily 20EMA bearish at 137.56. Hourly RSI is bullish at 62.