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FXStreet (Moscow) - EUR/JPY attempted a break below 136.00 support and reached current Asian low at 135.75, but the movement proved to be unsustainable as cross quickly recovered to 136.00 pivot
EUR/JPY are hiding in a bomb shelter
EUR/JPY has a good chance to finish week deeply in red as the cross opened at 137.72 on Monday and touched current weekly low at 135.75 early on Friday. It has been falling for the fifth day in a row (the whole week) due to a host of factors such as weaker EUR and risk aversive JPY buying. The longer-term EUR/JPY perspectives are clouded as the single currency is poised to continue its disgraceful downside across the board, while JPY might gain support on the back of highly explosive geopolitical situation. Nikkei has lost about 3% during Tokyo hours as investors are scared to death by multiple war conflicts and rush to safety. This is the theme that is going to drive markets today as macroeconomic calendar is too light to overshadow geopolitical news today. From the technical point of view, a sustained break below 136.00 might open the way to 135.70 and then to 135.50. The upside is likely to be limited by 136.30.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.61, with support below at 136.07, 135.73 and 135.19, with resistance above at 136.96, 137.49, and 137.84. Hourly Moving Averages are bearish with the 200SMA bearish at 137.23 and the daily 20EMA bearish at 137.35 Hourly RSI is bearish at 34.
8 Aug 2014
EUR/JPY: 136.00 pivot is creaking and squeaking under bearish attack
FXStreet (Moscow) - EUR/JPY attempted a break below 136.00 support and reached current Asian low at 135.75, but the movement proved to be unsustainable as cross quickly recovered to 136.00 pivot
EUR/JPY are hiding in a bomb shelter
EUR/JPY has a good chance to finish week deeply in red as the cross opened at 137.72 on Monday and touched current weekly low at 135.75 early on Friday. It has been falling for the fifth day in a row (the whole week) due to a host of factors such as weaker EUR and risk aversive JPY buying. The longer-term EUR/JPY perspectives are clouded as the single currency is poised to continue its disgraceful downside across the board, while JPY might gain support on the back of highly explosive geopolitical situation. Nikkei has lost about 3% during Tokyo hours as investors are scared to death by multiple war conflicts and rush to safety. This is the theme that is going to drive markets today as macroeconomic calendar is too light to overshadow geopolitical news today. From the technical point of view, a sustained break below 136.00 might open the way to 135.70 and then to 135.50. The upside is likely to be limited by 136.30.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 136.61, with support below at 136.07, 135.73 and 135.19, with resistance above at 136.96, 137.49, and 137.84. Hourly Moving Averages are bearish with the 200SMA bearish at 137.23 and the daily 20EMA bearish at 137.35 Hourly RSI is bearish at 34.