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31 Jul 2014
EUR/JPY bulls need to pave their way above 137.70
FXStreet (Moscow) - EUR/JPY is sidelined marginally below the initial resistance of 137.70 after a failed attempt to break higher.
Up to 138.00 or back to 137.00?
Finally, EUR/JPY confirmed its bottom around 136.39 low - once and for all. The cross smashed 137.00 resistance and spiked to 137.70 as JPY was hammered down agains USD after suspiciously positive US GDP data. Further EUR/JPY upside might be limited to EUR weakness induced by ECB and FED policy deviation and signs of fragile recovery in Eurozone. EZ CPI published later today will be in the limelight. This is a preliminary July report, that might provide hints about pricing pressure in the region. The chances are that it won’t be much encouraging. EUR weakening across the board could push the cross back to 137.30 and then to 137.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.48, with support below at 137.07, 136.43 and 136.02, with resistance above at 138.12, 138.53, and 139.17. Hourly Moving Averages are bullish with the 200SMA bullish at 136.93 and the daily 20EMA bullish at 137.52. Hourly RSI is bullish at 80.
Up to 138.00 or back to 137.00?
Finally, EUR/JPY confirmed its bottom around 136.39 low - once and for all. The cross smashed 137.00 resistance and spiked to 137.70 as JPY was hammered down agains USD after suspiciously positive US GDP data. Further EUR/JPY upside might be limited to EUR weakness induced by ECB and FED policy deviation and signs of fragile recovery in Eurozone. EZ CPI published later today will be in the limelight. This is a preliminary July report, that might provide hints about pricing pressure in the region. The chances are that it won’t be much encouraging. EUR weakening across the board could push the cross back to 137.30 and then to 137.00.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 137.48, with support below at 137.07, 136.43 and 136.02, with resistance above at 138.12, 138.53, and 139.17. Hourly Moving Averages are bullish with the 200SMA bullish at 136.93 and the daily 20EMA bullish at 137.52. Hourly RSI is bullish at 80.