2 Jun 2014
EUR/JPY bulled up ahead of ECB
FXStreet (Guatemala) - Currently, EUR/JPY is trading at 138.86, up 0.08% on the day, having posted a daily high at 138.94 and low at 138.67.
EUR/JPY has held its form from Fridays close and threatens the bears towards the psychological 139 handle again this week. A move higher would be consistent with a possible retracement building up since the 142.40 slide in May and first hurdle would appear to be 139.40 post a break of the psychological handle. However, 140.00 brings a very congested zone on the charts and markets may be inclined to trade at a slow pace with the run up towards the ECB. “It is among the most important events of the first half and possibly the entire year”, explained Brown Brothers Harriman’s Global Currency Strategy Team. “After much preparation and jawboning, the ECB is widely expected to take unconventional measures counter the low inflation and risk of deflation. It may also announce fresh initiatives to help facilitate financing for small and medium sized businesses”.
EUR/JPY Levels
Current price is 138.88, with resistance ahead at 138.91 (Yesterday's High), 138.92 (Daily Open), 138.94 (Daily High), 139.08 (Daily Classic R1) and 139.10 (Weekly High). Next support to the downside can be found at 138.74 (Hourly 200 SMA), 138.71 (Weekly Classic PP), 138.67 (Hourly 100 SMA), 138.67 (Daily Low) and 138.60 (Hourly 20 EMA).
EUR/JPY has held its form from Fridays close and threatens the bears towards the psychological 139 handle again this week. A move higher would be consistent with a possible retracement building up since the 142.40 slide in May and first hurdle would appear to be 139.40 post a break of the psychological handle. However, 140.00 brings a very congested zone on the charts and markets may be inclined to trade at a slow pace with the run up towards the ECB. “It is among the most important events of the first half and possibly the entire year”, explained Brown Brothers Harriman’s Global Currency Strategy Team. “After much preparation and jawboning, the ECB is widely expected to take unconventional measures counter the low inflation and risk of deflation. It may also announce fresh initiatives to help facilitate financing for small and medium sized businesses”.
EUR/JPY Levels
Current price is 138.88, with resistance ahead at 138.91 (Yesterday's High), 138.92 (Daily Open), 138.94 (Daily High), 139.08 (Daily Classic R1) and 139.10 (Weekly High). Next support to the downside can be found at 138.74 (Hourly 200 SMA), 138.71 (Weekly Classic PP), 138.67 (Hourly 100 SMA), 138.67 (Daily Low) and 138.60 (Hourly 20 EMA).