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11 Mar 2014
EUR/JPY is losing ground, the key support of 143.00 is in sight
FXStreet (Moscow) - EUR/JPY has lost about 30 pips after the Bank of Japan decided to leave its monetary policy unchanged; the cross has move d from 143.41 to the current level of 143.15; the support of 143.00 is in sight.
EUR bulls, beware!
Long-term oriented EUR bulls should be alarmed by the daily picture as it implies that the reversal quite possible. Moreover, European Central Bank Governing Council member Christian Noyer expressed his displeasure with the strengthening euro as it creates unwarranted pressure on the euro-area economy. Looks like verbal intervention attempt. The Bank of Japan monetary policy decision and the press conference is the key event of the day for the cross. Though the Bank has left its policy rate and QE program unchanged just as it was expected, the monetary policy statement published later may still reveal interesting details. Listen carefully in case there are indications of future BOJ moves. European calendar is nearly empty, so technical and speculative factors will also influence the cross dynamics. The key levels to watch: the closest support is 143.00 (enhanced by 1h 50 EMA).. Once it is broken the intraday downside will accelerate to 142.70. The upside is likely to be limited by today’s high at 143.42
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 143.26, with support below at 142.87, 142.46 and 142.07, with resistance above at 143.67, 144.06, and 144.47. Hourly Moving Averages are bullish, with the 200SMA at 140.96 and the daily 20EMA at 140.90. Hourly RSI is neutral at 56.
EUR bulls, beware!
Long-term oriented EUR bulls should be alarmed by the daily picture as it implies that the reversal quite possible. Moreover, European Central Bank Governing Council member Christian Noyer expressed his displeasure with the strengthening euro as it creates unwarranted pressure on the euro-area economy. Looks like verbal intervention attempt. The Bank of Japan monetary policy decision and the press conference is the key event of the day for the cross. Though the Bank has left its policy rate and QE program unchanged just as it was expected, the monetary policy statement published later may still reveal interesting details. Listen carefully in case there are indications of future BOJ moves. European calendar is nearly empty, so technical and speculative factors will also influence the cross dynamics. The key levels to watch: the closest support is 143.00 (enhanced by 1h 50 EMA).. Once it is broken the intraday downside will accelerate to 142.70. The upside is likely to be limited by today’s high at 143.42
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 143.26, with support below at 142.87, 142.46 and 142.07, with resistance above at 143.67, 144.06, and 144.47. Hourly Moving Averages are bullish, with the 200SMA at 140.96 and the daily 20EMA at 140.90. Hourly RSI is neutral at 56.