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10 Mar 2014
EUR/JPY is bogged down in a narrow range
FXStreet (Moscow) -EUR/JPY is consolidating in a tight range close to 143.10 support after opening with a gap lower.
EUR/JPY is vulnerable to downside correction
There were two driving forces behind the EUR/JPY rally last week: glorious EUR rise and shameful JPY slide. Thus, the cross beat USD/JPY and gained nearly 300 points during the previous five trading days. The long-term technical picture is clearly bullish, but we do not rule out a healthy correction from current sky-high levels. Europe publishes a few reports later today that may trigger the short-term downside. The industrial output data from France and Sentix Investor confidence index are likely to pass unnoticed, but Eurogroup meeting and Draghi’s speech may become a real source of volatility, should the policy makers and financial officers say something interesting about the state of the European economy and, possibly the threats emanating from Russia-Ukrain crisis. From the technical point of view, an important support comes at 143.00 and followed by 142.70. The resistance is seen at 143.35 and then at the Friday’s high of 143.78.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 143.23, with support below at 142.63, 141.93 and 141.34, with resistance above at 143.93, 144.52, and 145.22. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.65 and the daily 20EMA at 140.65. Hourly RSI is neutral at 57.
EUR/JPY is vulnerable to downside correction
There were two driving forces behind the EUR/JPY rally last week: glorious EUR rise and shameful JPY slide. Thus, the cross beat USD/JPY and gained nearly 300 points during the previous five trading days. The long-term technical picture is clearly bullish, but we do not rule out a healthy correction from current sky-high levels. Europe publishes a few reports later today that may trigger the short-term downside. The industrial output data from France and Sentix Investor confidence index are likely to pass unnoticed, but Eurogroup meeting and Draghi’s speech may become a real source of volatility, should the policy makers and financial officers say something interesting about the state of the European economy and, possibly the threats emanating from Russia-Ukrain crisis. From the technical point of view, an important support comes at 143.00 and followed by 142.70. The resistance is seen at 143.35 and then at the Friday’s high of 143.78.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 143.23, with support below at 142.63, 141.93 and 141.34, with resistance above at 143.93, 144.52, and 145.22. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.65 and the daily 20EMA at 140.65. Hourly RSI is neutral at 57.