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21 May 2014
EUR/JPY carried back towards pivot 138.90
FXStreet (Guatemala) - EUR/JPY is trading at 138.78, down -0.03% on the day, having posted a daily high at 138.96 and low at 138.14.
EUR/JPY had been lower on a stronger JPY but has managed to cover ground back to current levels post the lows found overnight in 138.20/15 with USD/JPY soaring back to mid 101.50’s. However, the BoJ Governor Kuroda maintained a relatively firm tone yesterday as the BoJ made no change to policy, targeting a monetary base of ¥270trn, expecting an on-going moderate recovery and the achievement of its 2% CPI target. “Governor Kuroda highlighted that Japan is already halfway to its 2% CPI target, that it doesn’t target a level in USDJPY and that QQE is having the intended impact. Thereby providing no hint that an expansion in the QQE program is imminent," explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank."The Japanese trade deficit was worse than expected but narrowed to ‐¥809bn as both exports and imports were stronger than anticipated. EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish
EUR/JPY Levels
Spot is presently trading at 138.79, and next resistance can be seen at 138.84 (Monthly Low), 138.84 (Weekly Low), 138.88 (Daily Open), 138.91 (Daily Classic PP) and 138.94 (Hourly 100 SMA). Next support to the downside can be found at 138.61 (Hourly 20 EMA), 138.55 (Yesterday's Low), 138.48 (Daily Classic S1), 138.22 (Weekly Classic S1) and 138.14 (Daily Low).
EUR/JPY had been lower on a stronger JPY but has managed to cover ground back to current levels post the lows found overnight in 138.20/15 with USD/JPY soaring back to mid 101.50’s. However, the BoJ Governor Kuroda maintained a relatively firm tone yesterday as the BoJ made no change to policy, targeting a monetary base of ¥270trn, expecting an on-going moderate recovery and the achievement of its 2% CPI target. “Governor Kuroda highlighted that Japan is already halfway to its 2% CPI target, that it doesn’t target a level in USDJPY and that QQE is having the intended impact. Thereby providing no hint that an expansion in the QQE program is imminent," explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank."The Japanese trade deficit was worse than expected but narrowed to ‐¥809bn as both exports and imports were stronger than anticipated. EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish
EUR/JPY Levels
Spot is presently trading at 138.79, and next resistance can be seen at 138.84 (Monthly Low), 138.84 (Weekly Low), 138.88 (Daily Open), 138.91 (Daily Classic PP) and 138.94 (Hourly 100 SMA). Next support to the downside can be found at 138.61 (Hourly 20 EMA), 138.55 (Yesterday's Low), 138.48 (Daily Classic S1), 138.22 (Weekly Classic S1) and 138.14 (Daily Low).