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EUR/JPY clinching to 137.00 pivot

FXStreet (Moscow) - EUR/JPY is consolidating at 137.04 after initial dip below 137.00 support to Asian low of 136.96.

Indecision reigns the market

Higher lows and higher highs on the daily chart of EUR/JPY suggest that the cross has bottomed out at 135.72 (August 08’s low), but at the same time small candles with long shadows are the sighs of highly indecisive market. The cross touched the high of 137.61 on Friday, but failed to hold the ground and finished the day at 137.09, marginally above the strong pivot of 137.00. Basically, it means that the bulls are not ready to chase the cross much higher due to JPY buying on anti-risk sentiments. On the intraday basis, it will be influenced mainly by technical factors and geopolitical news that drove JPY higher across the board on Friday. From the technical point of view keep an eye at 137.00 support. As long as the cross stays above this level, we have a good chance to see further upside correction.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.20, with support below at 136.37, 136.32 and 135.87, with resistance above at 137.62, 138.07, and 138.50. Hourly Moving Averages are mixed with the 200SMA bullish at 136.80 and the daily 20EMA neural at 137.15. Hourly RSI is bearish at 48

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