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27 Feb 2014
EUR/JPY bears lost the initiative as the cross is again above 140.00
FXStreet (Moscow) - EUR/JPY tried to break below 140.00 at the Tokyo opening, but quickly reversed losses and returned to the resistance area of 140.15/20.
Nothing interesting as long as we are in the range
EUR/JPY is in the consolidation mode on daily basis, but the charts show that the cross has formed the sequence of lower minimums. This may be interpreted as a bearish signal. We just need a good trigger to start things rolling. We may get one today as Germany publishes its labour market statistics/ According to estimates, the number of unemployed in the largest European economy reduced by 10k in February against -28 in January. If the actual data is worse than expected, the single currency may tumble down across the board. In this case EUR/JPY may drop below 140.00 to the next support level of 139.80. The intraday upside is likely to be limited by 140.30. Once broken, the cross may accelerate to 140.50.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.18, with support below at 139.55, 139.02 and 138.39, with resistance above at 140.71, 141.34, and 141.87. Hourly Moving Averages are mostly bearish, with the 200SMA at 140.35 and the daily 20EMA at 140.08. Hourly RSI is neutral at 44.
Nothing interesting as long as we are in the range
EUR/JPY is in the consolidation mode on daily basis, but the charts show that the cross has formed the sequence of lower minimums. This may be interpreted as a bearish signal. We just need a good trigger to start things rolling. We may get one today as Germany publishes its labour market statistics/ According to estimates, the number of unemployed in the largest European economy reduced by 10k in February against -28 in January. If the actual data is worse than expected, the single currency may tumble down across the board. In this case EUR/JPY may drop below 140.00 to the next support level of 139.80. The intraday upside is likely to be limited by 140.30. Once broken, the cross may accelerate to 140.50.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.18, with support below at 139.55, 139.02 and 138.39, with resistance above at 140.71, 141.34, and 141.87. Hourly Moving Averages are mostly bearish, with the 200SMA at 140.35 and the daily 20EMA at 140.08. Hourly RSI is neutral at 44.