13 May 2014
EUR/JPY is unstoppable, new Asian high is 140.74
FXStreet (Moscow) - EUR/JPY opened at 140.52 and managed to climb to current Asian high at 140.74
In recovery mode
EUR/JPY staged a good recovery from last week’s lows despite low EUR trading activity. The bullish comeback was supported by JPY weakening across the board on the back of disappointing current account data and improved risk sentiments. Today during European hours we might see another days of EUR-indused movements as ZEW publishes its latest business survey. Expectations are high, so as the probability of disappointment as German companies are nervous about how the Ukrainian conflict and consequent sanctions against Russia might affect them. Lower that expected ZEW indicators will push the single currency lower across the board. While in EUR/JPY might be smoothed by bearish JPY dynamics, keep an eye at 140.10/00 supper area, as break below will make short-term sentiments definitely bearish.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.40, with support below at 140.14, 139.79 and 139.54, with resistance above at 140.75, 141.01, and 141.36. Hourly Moving Averages are mostly bullish with the 200SMA at 141.34 and the daily 20EMA at 141.31. Hourly RSI is bullish at 64.
In recovery mode
EUR/JPY staged a good recovery from last week’s lows despite low EUR trading activity. The bullish comeback was supported by JPY weakening across the board on the back of disappointing current account data and improved risk sentiments. Today during European hours we might see another days of EUR-indused movements as ZEW publishes its latest business survey. Expectations are high, so as the probability of disappointment as German companies are nervous about how the Ukrainian conflict and consequent sanctions against Russia might affect them. Lower that expected ZEW indicators will push the single currency lower across the board. While in EUR/JPY might be smoothed by bearish JPY dynamics, keep an eye at 140.10/00 supper area, as break below will make short-term sentiments definitely bearish.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.40, with support below at 140.14, 139.79 and 139.54, with resistance above at 140.75, 141.01, and 141.36. Hourly Moving Averages are mostly bullish with the 200SMA at 141.34 and the daily 20EMA at 141.31. Hourly RSI is bullish at 64.