22 Jan 2014
EUR/JPY bulls are waiting for signals from Bank of Japan
FXstreet.com (Moscow) - EUR/JPY moves in a very tight range with slightly bullish sentiment as it opened at 141.37 and moved 20 pips higher.
EUR/JPY is in wait and see mode
It is all about the Bank of Japan Monetary Policy Statement, scheduled for release later today. A couple of words about why it is so important. The central bank’s super easy monetary policy helped to push the inflation in the country a bit higher. The target is not reached yet, but traders are anxious to know whether the Bank is ready to keep up its pace of monetary easing or slow down. This decision will determine the Yen direction for the rest of the year: more stimulus will send the currency down across the board. Watch out for the resistance of 142.00. Once it is broken, the bulls will drive the pair higher. To the downside the key support is 141.00, then 140.30.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.48, with support below at 141.08, 140.63 and 140.24, with resistance above at 141.93, 142.32, and 142.77. Hourly Moving Averages are mixed, with the 200SMA at 141.82 and the daily 20EMA at 142.00. Hourly RSI is neutral at 55.96.
EUR/JPY is in wait and see mode
It is all about the Bank of Japan Monetary Policy Statement, scheduled for release later today. A couple of words about why it is so important. The central bank’s super easy monetary policy helped to push the inflation in the country a bit higher. The target is not reached yet, but traders are anxious to know whether the Bank is ready to keep up its pace of monetary easing or slow down. This decision will determine the Yen direction for the rest of the year: more stimulus will send the currency down across the board. Watch out for the resistance of 142.00. Once it is broken, the bulls will drive the pair higher. To the downside the key support is 141.00, then 140.30.
What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 141.48, with support below at 141.08, 140.63 and 140.24, with resistance above at 141.93, 142.32, and 142.77. Hourly Moving Averages are mixed, with the 200SMA at 141.82 and the daily 20EMA at 142.00. Hourly RSI is neutral at 55.96.