Back
21 May 2014
EUR/JPY slumped to 138.60 post BOJ decision
FXStreet (Moscow) - EUR/JPY moved down to 138.60 after opening at 138.77. The bearish momentum is gathering pace.
Indecision is the word
Another negative day after a failed attempt to rebound early in Asia on Tuesday. It’s hard for the cross to grow, when EUR is going nowhere, and JPY is strengthening across the board due to heightened anti-risk sentiments. Decline in stocks and falling US Treasury yields supported demand for the Japanese currency. BOJ monetary policy decision was a non-event. No surprises as most analysts expect some additional stimulus from BOJ by the end of July. Now that the risk event is out of the way, the market attention will switch to European developments ad geopolitical factors. New wave of anti-risk sentiments would push the cross lower with there first bearish target at Tuesday’s low of 138.53.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.91, with support below at 138.48, 138.12 and 137.69, with resistance above at 139.27, 139.70, and 140.06. Hourly Moving Averages are mostly bearish with the 200SMA at 138.71 and the daily 20EMA at 140.39. Hourly RSI is bearish at 44.
Indecision is the word
Another negative day after a failed attempt to rebound early in Asia on Tuesday. It’s hard for the cross to grow, when EUR is going nowhere, and JPY is strengthening across the board due to heightened anti-risk sentiments. Decline in stocks and falling US Treasury yields supported demand for the Japanese currency. BOJ monetary policy decision was a non-event. No surprises as most analysts expect some additional stimulus from BOJ by the end of July. Now that the risk event is out of the way, the market attention will switch to European developments ad geopolitical factors. New wave of anti-risk sentiments would push the cross lower with there first bearish target at Tuesday’s low of 138.53.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 138.91, with support below at 138.48, 138.12 and 137.69, with resistance above at 139.27, 139.70, and 140.06. Hourly Moving Averages are mostly bearish with the 200SMA at 138.71 and the daily 20EMA at 140.39. Hourly RSI is bearish at 44.