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EUR/JPY skyrocketed above 137.00 resistance on GIPF news

FXStreet (Moscow) - EUR/JPY has recovered from 136/50 at the opening smashed the initial resistance of 136.80 (former support) and moved towards 137.11; bullish dynamics is strong, so new highs may be in store

Great news for stocks - bad news for JPY

EUR/JPY dropped to the lowest of low on the back of broadband JPY risk aversive rally. The cross reached new lows of 2014 at 136.13 on geopolitical fears, but managed to climb to 136.50 by the end of the day. EUR/JPY is trying recover from oversold levels. Gossips about Japanese pension fund allocation about 20% of its assets to Japanese stocks (against current level of 12%) set Nikkei on fire and, consequently, pushed JPY weaker across the board due to negative ОЗН-Stocks correlation.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 136.69, with support below at 136.11, 135.58 and 135.00, with resistance above at 137.21, 137.79, and 138.32. Hourly Moving Averages are bearish with the 200SMA bearish at 137.26 and the daily 20EMA bearish at 137.45 Hourly RSI is bullish at 50.

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