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5 Mar 2014
EUR/JPY is bogged down in range
FXStreet (Moscow) - EUR/JPY has stuck in a narrow 25-pip range around 140.40 early on Wednesday; no sighs of breakout so far.
European data is in focus
EUR/JPY is firmly above 140.00 level. The cross dashed higher on Tuesday, but Monday gap on daily charts is not fully closed yet, but from longer-term perspective the cross needs to break above resistance area of 141.00-141.20 to relish its bullish potential. We do have a number of interesting economic reports scheduled for today. Namely, Eurozone publishes its retail sales data, Final 4Q GDP and Final Composite PMI. According to the expectations, GDP and PMI will come out in line with initial estimates and confirm the tepid recovery in the currency union, while retail sales may reverse higher in January after a sharp drop in December. The single currency may be supported in case of positive macroeconomic surprises, but the traders would prefer to sit on the fence until it is clear what the ECB thinks of the situation in Eurozone. The key support level is seen at 140.00. Once broken, the downside will accelerate to 139.60.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.07, with support below at 139.60, 138.69 and 138.22, with resistance above at 140.99, 141.46, and 142.37. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.24 and the daily 20EMA at 140.07. Hourly RSI is neutral at 57.
European data is in focus
EUR/JPY is firmly above 140.00 level. The cross dashed higher on Tuesday, but Monday gap on daily charts is not fully closed yet, but from longer-term perspective the cross needs to break above resistance area of 141.00-141.20 to relish its bullish potential. We do have a number of interesting economic reports scheduled for today. Namely, Eurozone publishes its retail sales data, Final 4Q GDP and Final Composite PMI. According to the expectations, GDP and PMI will come out in line with initial estimates and confirm the tepid recovery in the currency union, while retail sales may reverse higher in January after a sharp drop in December. The single currency may be supported in case of positive macroeconomic surprises, but the traders would prefer to sit on the fence until it is clear what the ECB thinks of the situation in Eurozone. The key support level is seen at 140.00. Once broken, the downside will accelerate to 139.60.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.07, with support below at 139.60, 138.69 and 138.22, with resistance above at 140.99, 141.46, and 142.37. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.24 and the daily 20EMA at 140.07. Hourly RSI is neutral at 57.