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5 Aug 2014
EUR/JPY feels the pain, poking at 137.50 support
FXStreet (Moscow) - EUR/JPY is sidelined during quiet Asian hours, though bearish bias is gaining momentum as the cross retraced from Asian high of 137.70 to 137.55
EUR bears vs. JPY bears: epic battle
EUR/JPY is sitting in a tight range right below 137.70/80 resistance as EUR bearish momentum waned for the time being. Moody’s upgraded Greece credit rating - definitely positive development, but traders left it unnoticed as we are getting closer to ECB monetary policy decision. Its outcome will hardly surprise anyone, but Draghi’s comments during QA session might attract investors’ attention and increase market volatility. On the intraday basis the cross might be influenced by knock on effect from US Non-Manufacturing ISM that is going to be an acid test for USD strength. Should the American currency manage to regain ground against EUR and push it below the key support of 1.3400/90, EUR/JPY will feel the pain and grind towards 137.00. The EUR/JPY downside might be less vigorous as bears are discouraged by overall JPY weakness.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.67, with support below at 137.41, 137.16 and 136.89, with resistance above at 137.92, 138.19, and 138.44. Hourly Moving Averages are mixed with the 200SMA bullish at 137.22 and the daily 20EMA flat at 137.56. Hourly RSI is bearish at 49.
EUR bears vs. JPY bears: epic battle
EUR/JPY is sitting in a tight range right below 137.70/80 resistance as EUR bearish momentum waned for the time being. Moody’s upgraded Greece credit rating - definitely positive development, but traders left it unnoticed as we are getting closer to ECB monetary policy decision. Its outcome will hardly surprise anyone, but Draghi’s comments during QA session might attract investors’ attention and increase market volatility. On the intraday basis the cross might be influenced by knock on effect from US Non-Manufacturing ISM that is going to be an acid test for USD strength. Should the American currency manage to regain ground against EUR and push it below the key support of 1.3400/90, EUR/JPY will feel the pain and grind towards 137.00. The EUR/JPY downside might be less vigorous as bears are discouraged by overall JPY weakness.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.67, with support below at 137.41, 137.16 and 136.89, with resistance above at 137.92, 138.19, and 138.44. Hourly Moving Averages are mixed with the 200SMA bullish at 137.22 and the daily 20EMA flat at 137.56. Hourly RSI is bearish at 49.