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26 Feb 2014
EUR/JPY has stalled at the resistance of 140.70
FXStreet (Moscow) - EUR/JPY bulls woke up early and began to drive the cross higher. though it reached the current Asian high at 140.70 and stalled, scared by as fresh selling orders seen around this level.
EUR/JPY is a technical play today
EUR/JPY daily charts show that the cross is still consolidating within a range limited by 140.00 on the downside and 140.90-141.00 on the upside. On Tuesday EUR/JPY moved down to the intraday low of 140.12 and closed in the red zone amid risk aversion caused by China concerns and crisis escalation on the emerging markets. Though the cross has been steadily growing on Wednesday. EUR/JPY pushed off the support level formed by 4h 50 EMA at 140.30 as investors welcomed signs of Yuan stabilizing. BOJ member Kiji Ishida commented upon the Japanese economy and monetary policy, but failed to impress the markets as his comments were largely in line with the official BOJ position. Lack of interesting fundamental news during the European session leaves the cross at the mercy of technical factors. Bulls should be careful as EUR/JPY is nearing the resistance zone of 140.70, if the upside momentum is not strong enough to take it out, we may see a retracement to 140.30 and even to yesterday’s low at 140.12.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.49, with support below at 140.00, 139.64 and 139.15, with resistance above at 140.86, 141.35, and 141.71. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.26 and the daily 20EMA at 140.08. Hourly RSI is neutral at 54.
EUR/JPY is a technical play today
EUR/JPY daily charts show that the cross is still consolidating within a range limited by 140.00 on the downside and 140.90-141.00 on the upside. On Tuesday EUR/JPY moved down to the intraday low of 140.12 and closed in the red zone amid risk aversion caused by China concerns and crisis escalation on the emerging markets. Though the cross has been steadily growing on Wednesday. EUR/JPY pushed off the support level formed by 4h 50 EMA at 140.30 as investors welcomed signs of Yuan stabilizing. BOJ member Kiji Ishida commented upon the Japanese economy and monetary policy, but failed to impress the markets as his comments were largely in line with the official BOJ position. Lack of interesting fundamental news during the European session leaves the cross at the mercy of technical factors. Bulls should be careful as EUR/JPY is nearing the resistance zone of 140.70, if the upside momentum is not strong enough to take it out, we may see a retracement to 140.30 and even to yesterday’s low at 140.12.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.49, with support below at 140.00, 139.64 and 139.15, with resistance above at 140.86, 141.35, and 141.71. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.26 and the daily 20EMA at 140.08. Hourly RSI is neutral at 54.