OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY tested waters below 143.00 pivot

FXStreet (Moscow) - EUR/JPY  crushed to 142.90 after having touched new high at 144.21. Currently the cross is trading at 143.09 with marginal loss on the day.

After a short period of consolidation around 143.00 pivot, EUR/JPY resumed its upside quest and hit new high of 2014 at 144.21. The cross has been moving in unison with major JPY downside trend that gained momentum earlier in Asia after the BOJ released minutes of its October meeting. There is no particular fresh news, so yen’s decline is seen as a continued speculation on Friday’s decision of the BOJ. A sharp downside correction from Asian high at 144.21 was triggered by speculative JPY short-covering. The cross touched 142.90 where the downside momentum waned. Later, during the European session the focus will shift onto the ECB’s monetary policy decision that may become a new source of volatility. Unexpectedly dovish Draghi might crash EUR across the board and thus trigger the downside correction of EUR/JPY.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 143.02; initial support levels at 142.58, 141.91 and 141.47 with resistance above at 143.69, 144.13 and 144.80. Hourly Moving Averages are bullish, with the 200SMA bullish at 139.54 and the daily 20EMA bullish at 138.79. Hourly RSI is bullish at 53.

Japan Coincident Index up to 109.7 in September from previous 108.3

Read more Previous

BoE likely a non-event - RBS

According to RBS, BoE monetary policy meeting today is likely going to be a non-event.
Read more Next
Start livechat