EUR/JPY consolidates with slight upside bias

FXStreet (Moscow) - EUR/JPY is trying to develop the upside movement in Tokyo: the cross set the current Asian high at 140.95, but retraced to the support level of 140.70, though the buyers are still active.

EUR/JPY's fate depends on Euro sentiments

EUR/JPY moved lower on Monday as Eurozone inflation data triggered massive Euro selling across the board on bets the European Central Bank will increase stimulus on its closest monitory policy meeting scheduled next week. But cross managed ended the first trading day of the week nearly unchanged at 104.77. Today the European economic calendar is rather boring, though we believe that the speculations on ECB monetary policy may gather pace, which will be negative for the single currency. The first technical support level is seen at 140.60/70 area. It is filled with fresh offers located that may stop the downside. Though the cross breaks lower, yesterday’s minimum at 140.33 will come into sight. The upside is likely to be limited by 141.00.

What are today’s key EUR/JPY levels?
Today's central pivot point can be found at 140.71, with support below at 140.35, 139.98 and 139.63, with resistance above at 141.08, 141.43, and 141.80. Hourly Moving Averages are mostly bullish, with the 200SMA at 140.09 and the daily 20EMA at 140.05. Hourly RSI is neutral at 52.