Thursday, May 29, 2014

The EUR/JPY stops its decline at the 138.00 level.

We have been anticipating a visit of the EUR/JPY to the round number and psychological level of 138.00, which is just below the 200 Day Exponential Moving Average at the 138.50 level as shown on the chart below. Today we saw how the price dropped to the 138 and bounced from that level to the upside. But the price stopped at the 200 EMA again and it seems like this level is acting as a resistance zone. The bounce from the 138 level could take the price above the 200 EMA, but we would have to see some very positive fundamental from the Euro Zone in order to see that happening.


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2 comments:

  1. UnknownMay 30, 2014, 4:51:00 AM

    Real action will be next week with a lot of high impact data like the ECB policy, Nonfarm payrolls and EU GDP.

    ReplyDelete
  2. UnknownMay 30, 2014, 11:29:00 AM

    Next week we will certainly find good opportunities to score more pips.

    ReplyDelete

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