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EUR/JPY rushes higher, off Asian low at 137.29

FXStreet (Moscow) - EUR/JPY is regaining ground as the cross started the trading session in Asia at 137.36 and climbed to intraday high at 137.89; currently it is trading at 137.73

Downside correction is over?

EUR/JPY printed a long-legged doji on daily charts yesterday. This candlestick models signals that the downside might be coming to an end. If it is confirmed today by a good bullish movement, the short-term downside correction from September 19 high at 141.22 might be over. Currently the cross is moving in unison with JPY weakness, but later during the day EUR sentiments might become more influential. Watch for the market reaction to US Non Farm Payrolls report as it may cause a great deal of volatility. Form the technical point of view, the nearest resistance is seen at 137.89 (Asian high) and at 138.00. The support comes at 137.00

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.32, with support below at 136.90, 136.44 and 136.02, with resistance above at 137.77, 138.20, and 138.65. Hourly Moving Averages are mixed with the 200SMA bearish at 138.74 and the daily 20EMA bearish at 138.42. Hourly RSI is bullish at 56.

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