17 Jul 2014
EUR/JPY иуфкы are unstoppable; 137.20 support is at risk
FXStreet (Moscow) - EUR/JPY is controlled by bears as the cross started Thursday at 137.54 and dipped to the current level of 137.27.
EUR/JPY has headed South
EUR/JPY is in free fall. The cross has been sliding for the third day in succession mostly to EUR sell-off across the board. Though different forces are at work today in Asia as the cross is pressured down even though EUR/USD tries to recover from the trough. JPY is growing across the board due to a number of factors; first, safe-heaven assets are in demand as geopolitical risks have heightened when US implemented new sanctions against Russia; second, USD/JPY is correcting lower after a failed attempt to settle above 101.70 level. The key fundamental even of the day in Europe is CPI report. No change from flash estimate is expected, but investors might be cautious ahead of the publications. Hints of heightened deflation threat will send EUR falling across the board. In this case the cross might move to the initial support of 137.00. Though positive news could help the single currency to recover from deeply oversold levels.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.71, with support below at 137.30, 137.09 and 136.68, with resistance above at 137.92, 138.33, and 138.55. Hourly Moving Averages are bearish with the 200SMA at 138.19 and the daily 20EMA at 138.40. Hourly RSI is bearish at 38.
EUR/JPY has headed South
EUR/JPY is in free fall. The cross has been sliding for the third day in succession mostly to EUR sell-off across the board. Though different forces are at work today in Asia as the cross is pressured down even though EUR/USD tries to recover from the trough. JPY is growing across the board due to a number of factors; first, safe-heaven assets are in demand as geopolitical risks have heightened when US implemented new sanctions against Russia; second, USD/JPY is correcting lower after a failed attempt to settle above 101.70 level. The key fundamental even of the day in Europe is CPI report. No change from flash estimate is expected, but investors might be cautious ahead of the publications. Hints of heightened deflation threat will send EUR falling across the board. In this case the cross might move to the initial support of 137.00. Though positive news could help the single currency to recover from deeply oversold levels.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.71, with support below at 137.30, 137.09 and 136.68, with resistance above at 137.92, 138.33, and 138.55. Hourly Moving Averages are bearish with the 200SMA at 138.19 and the daily 20EMA at 138.40. Hourly RSI is bearish at 38.