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EUR/JPY bears stumbled at 139.60/70 support area

FXStreet (Moscow) - EUR/JPY is sitting in a 20-pip range early on Tuesday as the trading activity is low due to Japanese holiday; currently the cross is trading at 139.76, off the Asian low at 139.66.

Correction is ripe

EUR/JPY continued the downside correction on Monday. The cross lost another 20 pips and finished the day well below 140.00 pivot at 139.76. The movement is caused mainly by technical factors as EUR/JPY is deemed overbought after having reached a new multi-month high at 141.22 on Friday. Later during the day the cross might be influenced by speculative factors and Preliminary PMI numbers in Eurozone. New signs of weakening economy might increase downside pressure on the single currency across the board. In this case EUR/JPY can dip to the initial support at 139.63 (Monday’s low) and then to 139.33 (Friday’s open)

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 139.90, with support below at 139.58, 138.30 and 137.98, with resistance above at 140.18, 140.50, and 140.78. Hourly Moving Averages are bullish with the 200SMA bullish at 139.17 and the daily 20EMA bullish at 138.43. Hourly RSI is bearish at 44.

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