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18 Mar 2014
EUR/JPY tries to gain upside momentum
FXStreet (Moscow) - EUR/JPY is consolidating in a narrow range after opening at 141.65.
Will markets notice ZEW today?
EUR/JPY moved in unison with general JPY downside momentum across the board and came close to the threshold level of 142.00, but did not dare to touch it. The cross ended the day at 141.65 as the markets remain jittery about possible mutual sanctions of USA/EU - Russia. Today we are looking for German ZEW Economic sentiment index to be published according to the forecasts, the index decreased to 52.8 in March from 55.7 in February. This is going to be the third decline in a row. Positive surprise may support the single currency across the board, though we do not expect a substantial rally after Draghi said that he was not happy with the strong euro. Also follow the news on geopolitics as EUR/JPY is governed by JPY dynamics and it tends to be more sensitive to risk environment. The resistance at 142.00 is likely to cap the upside, while the nearest support comes at 141.50 and followed by 141.20.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.50, with support below at 140.99, 140.31 and 139.80, with resistance above at 142.19, 142.69, and 143.38. Hourly Moving Averages are mixed, with the 200SMA at 142.21 and the daily 20EMA at 141.27. Hourly RSI is neutral at 61.
Will markets notice ZEW today?
EUR/JPY moved in unison with general JPY downside momentum across the board and came close to the threshold level of 142.00, but did not dare to touch it. The cross ended the day at 141.65 as the markets remain jittery about possible mutual sanctions of USA/EU - Russia. Today we are looking for German ZEW Economic sentiment index to be published according to the forecasts, the index decreased to 52.8 in March from 55.7 in February. This is going to be the third decline in a row. Positive surprise may support the single currency across the board, though we do not expect a substantial rally after Draghi said that he was not happy with the strong euro. Also follow the news on geopolitics as EUR/JPY is governed by JPY dynamics and it tends to be more sensitive to risk environment. The resistance at 142.00 is likely to cap the upside, while the nearest support comes at 141.50 and followed by 141.20.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.50, with support below at 140.99, 140.31 and 139.80, with resistance above at 142.19, 142.69, and 143.38. Hourly Moving Averages are mixed, with the 200SMA at 142.21 and the daily 20EMA at 141.27. Hourly RSI is neutral at 61.