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12 Feb 2014
EUR/JPY bulls are disappointed as the cross moves away from 140.00
FXStreet (Moscow) - EUR/JPY started the day at 139.95 and moved to current intraday low of 139.65; the selling pressure is still strong.
EUR/JPY is under pressure. Again
EUR/JPY attempted a dash higher yesterday and even slipped in above 140.00, but the move proved to be unsustainable. The cross finished the day marginally below 140.00. The bulls are discouraged and we felt their disappointment during Asian hours as the cross moved lower even despite dismal core machinery orders data from Japan. Later in Europe we have EZ industrial production numbers that are likely to put the cross under additional selling pressure. The forecasted -0.2% m/m, 1.8% y/y will be bad enough to push EUR/JPY to 139.00. Another key risk event scheduled for today is half-year economic forecast from Germany. Worsening outlook for the biggest EZ economy may trigger EYR selling across the board. If 139/00 is broken, the cross may fall to 138.80 and then to 138.40. On the upside the closest resistance is 140.00 followed by yesterday’s high at 140.29.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.87, with support below at 139.41, 138.82 and 138.36, with resistance above at 104.45, 140.91, and 141.50. Hourly Moving Averages are mostly bullish, with the 200SMA at 138.30 and the daily 20EMA at 139.71. Hourly RSI is neutral at 53.
EUR/JPY is under pressure. Again
EUR/JPY attempted a dash higher yesterday and even slipped in above 140.00, but the move proved to be unsustainable. The cross finished the day marginally below 140.00. The bulls are discouraged and we felt their disappointment during Asian hours as the cross moved lower even despite dismal core machinery orders data from Japan. Later in Europe we have EZ industrial production numbers that are likely to put the cross under additional selling pressure. The forecasted -0.2% m/m, 1.8% y/y will be bad enough to push EUR/JPY to 139.00. Another key risk event scheduled for today is half-year economic forecast from Germany. Worsening outlook for the biggest EZ economy may trigger EYR selling across the board. If 139/00 is broken, the cross may fall to 138.80 and then to 138.40. On the upside the closest resistance is 140.00 followed by yesterday’s high at 140.29.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.87, with support below at 139.41, 138.82 and 138.36, with resistance above at 104.45, 140.91, and 141.50. Hourly Moving Averages are mostly bullish, with the 200SMA at 138.30 and the daily 20EMA at 139.71. Hourly RSI is neutral at 53.