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16 May 2014
EUR/JPY is dangerously close to 139.00
FXStreet (Moscow) - EUR/JPY has retreated from Asian high of 139.43 on the back of JPY strengthening across the board; the key support of 139.00 is in sight.
Time to pause?
EUR/JPY lived through the third day of steep decline. The bears even attacked 139.00 support, but retreated to gather strength for new assault. Considering rather light economic calendar on Friday, one might suppose that some healthy profit-taking is in store for us. Naturally, EUR/JPY is deeply oversold, so limited upside correction ahead of the weekend is quite possible. There is another factor to consider. Safe heaven flows amid global economy concerns keep JPY in demand. If this trend remains strong, EUR/JPY might be pressured down, though the cross needs to break below 1.39.00 to develop a meaningful downside movement.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.38, with support below at 138.87, 138.47 and 137.91, with resistance above at 139.78, 140.29, and 140.69. Hourly Moving Averages are mostly bearish with the 200SMA at 140.62 and the daily 20EMA at 140.88. Hourly RSI is bearish at 41.
Time to pause?
EUR/JPY lived through the third day of steep decline. The bears even attacked 139.00 support, but retreated to gather strength for new assault. Considering rather light economic calendar on Friday, one might suppose that some healthy profit-taking is in store for us. Naturally, EUR/JPY is deeply oversold, so limited upside correction ahead of the weekend is quite possible. There is another factor to consider. Safe heaven flows amid global economy concerns keep JPY in demand. If this trend remains strong, EUR/JPY might be pressured down, though the cross needs to break below 1.39.00 to develop a meaningful downside movement.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 139.38, with support below at 138.87, 138.47 and 137.91, with resistance above at 139.78, 140.29, and 140.69. Hourly Moving Averages are mostly bearish with the 200SMA at 140.62 and the daily 20EMA at 140.88. Hourly RSI is bearish at 41.