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25 Jul 2014
EUR/JPY knocks at 137.00 again
FXStreet (Moscow) - EUR/JPY has frozen to 137.00 pivot as traders need more triggers to decide whether to break higher or to return to the previous range.
At the crossroads
On Thursday EUR/JPY dropped its EUR-ish ways and Followed the JPY lead. The cross managed to recover from multi-month lows at 136.36 and settled right at 137.00 pivot. The Japanese currency was weakening across the board on better risk sentiments yesterday. Now that it stalled at important levels both agains USD (101.80) and against EUR (137.00), we need a good trigger to push it higher. When it comes to EUR/JPY, the German IFO indicators are considered to be the nearest risk event as improved numbers might support nascent EUR optimism.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.89, with support below at 136.56, 135.04 and 135.71, with resistance above at 137.41, 137.74, and 138.26. Hourly Moving Averages are bearish with the 200SMA bearish at 137.22 and the daily 20EMA bearish at 137.72. Hourly RSI is bullish at 59.
At the crossroads
On Thursday EUR/JPY dropped its EUR-ish ways and Followed the JPY lead. The cross managed to recover from multi-month lows at 136.36 and settled right at 137.00 pivot. The Japanese currency was weakening across the board on better risk sentiments yesterday. Now that it stalled at important levels both agains USD (101.80) and against EUR (137.00), we need a good trigger to push it higher. When it comes to EUR/JPY, the German IFO indicators are considered to be the nearest risk event as improved numbers might support nascent EUR optimism.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.89, with support below at 136.56, 135.04 and 135.71, with resistance above at 137.41, 137.74, and 138.26. Hourly Moving Averages are bearish with the 200SMA bearish at 137.22 and the daily 20EMA bearish at 137.72. Hourly RSI is bullish at 59.