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EUR/JPY bulls stumbled at 138.00 pivot

FXStreet (Moscow) - EUR/JPY touched the resistance of 138.00 early in Asia, but failed to get higher ad retreated towards 137.85, a tad lower that the opening level of 137.89

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EUR/JPY has gained about 80 during this week so far. Despite some bullish excitement on Wednesday and Thursday, the upside potential of the cross is limited. From the technical point of view 138.00 resistance with strong offers on approach keeps the bulls in check; wobbly EUR sentiments are another factor that hampers EUR/JPY buying. On the intraday basis the cross is likely to sit quietly in a range, waiting for Yellen’s and Draghi’s speeches at Jackson Hole’s event. Dovish FED’s Chair might put USD under pressure across the board, which may support EUR/JPY buying. Anyway, keep an eye at 138.00 resistance as it is the key for the bulls now. Once it is clearly broken, the upside may be extended towards 138.25/30. The support is seen at 137.80 and followed by 137.50.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.79, with support below at 137.60, 137.28 and 137.09, with resistance above at 138.11, 138.130, and 138.62. Hourly Moving Averages are bullish with the 200SMA bullish at 137.11 and the daily 20EMA bullish at 137.25. Hourly RSI is bullish at 55

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