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4 Mar 2014
EUR/JPY is recovering; resistance of 139.70 is in sight
FXStreet (Moscow) - EUR/JPY is trying to recover from the deep fall on Monday as the cross gained about 30 pips after opening at 139.28 on Tuesday.
Geopolitics is much more interesting nowadays
EUR/JPY spent the first trading day of a new month in pretty narrow range, limited by 139.90 on the upside and 139.27 on the downside. Eurozone published mixed manufacturing PMI data where Spain and Italy induced deteriorated, but German and France showed some improvement above the forecast. But investors were not impressed by the fundamentals as Russia-Ukraine conflict wholly occupied their minds. It is hard to believe that market sentiments and fears have been changed overnight, so today we will be focusing on the geopolitics instead of economics, all the more so, because there are now interesting reports to be published in Europe. From the technical point of view, the first support is located at 139.20 and followed by 139.00 with demand on approach. As long as 139.00-138.90 is unbroken, the cross will continue moving in a broad long term range. On the upside the resistance is seen at 139.70 with minor offers scattered around this level. Once it is broken, the bulls will aim at 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.48, with support below at 138.87, 138.52 and 137.91, with resistance above at 139.83, 140.44, and 140.78. Hourly Moving Averages are mixed, with the 200SMA at 140.03 and the daily 20EMA at 140.11. Hourly RSI is neutral at 48.
Geopolitics is much more interesting nowadays
EUR/JPY spent the first trading day of a new month in pretty narrow range, limited by 139.90 on the upside and 139.27 on the downside. Eurozone published mixed manufacturing PMI data where Spain and Italy induced deteriorated, but German and France showed some improvement above the forecast. But investors were not impressed by the fundamentals as Russia-Ukraine conflict wholly occupied their minds. It is hard to believe that market sentiments and fears have been changed overnight, so today we will be focusing on the geopolitics instead of economics, all the more so, because there are now interesting reports to be published in Europe. From the technical point of view, the first support is located at 139.20 and followed by 139.00 with demand on approach. As long as 139.00-138.90 is unbroken, the cross will continue moving in a broad long term range. On the upside the resistance is seen at 139.70 with minor offers scattered around this level. Once it is broken, the bulls will aim at 140.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.48, with support below at 138.87, 138.52 and 137.91, with resistance above at 139.83, 140.44, and 140.78. Hourly Moving Averages are mixed, with the 200SMA at 140.03 and the daily 20EMA at 140.11. Hourly RSI is neutral at 48.