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3 Apr 2014
EUR/JPY dragged lower by Draghi’s message
Following a respective high and low at 143.47 and 142.61, EUR/JPY is currently trading at 142.72, down -0.21% on the day in the aftermath of ECB President Draghi’s speech.
EUR/JPY down as Draghi puts finger on trigger
Having tested yesterday’s high of 143.47, EUR/JPY has been dragged lower by EUR sentiment, following ECB President Draghi’s speech today. The ECB decided to hold rates at 0.25% today, but in the subsequent presser, Draghi commented that the only thing which stopped the ECB from easing aggressively had been the seasonal Easter distortion of Inflation data. He noted that should the low not be reversed in April, this is the path that the bank will take. The EUR/JPY move lower has not been as pronounced as the decline in EUR/USD, but despite the 142.61 low, spot seems to have found some support around yesterdays lows between 142.70-80.
EUR/JPY Technicals
According to hourly FXStreet proprietary tools the OB/OS Index and Trend Index, the pair is neutral and slightly bearish respectively. At the time of writing, RSI is neutral at 43.28, up from 39.57 at the last hour close, while ADX is ranging at 28.90, up from 13.91 previous. Daily RSI sits at 61.73, in neutral territory.
The 200 SMA is currently at 143.01, up from 141.71 at the last period close, and climbing on the hourly EUR/JPY chart. On average, the exponential closing price for the past 20 days is 141.58, with the trend indicating a continuation higher ahead.
Hourly 2-Standard Deviation Volatility Bandwidth is currently 40 pips, and has been expanding, while the ATR (14) is currently 14 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 363 pips and shrinking
EUR/JPY Levels
Spot is presently trading at 142.72, and next resistance can be seen at 142.73 (Yesterday's Low), 142.98 (Hourly 20 EMA), 143.02 (Weekly High), 143.03 (Daily Open) and 143.06 (Weekly Classic R2). Below, we can see support at 142.66 (Daily Classic S1), 142.61 (Daily Low), 142.39 (Hourly 100 SMA), 142.30 (Daily Classic S2) and 142.23 (Weekly Classic R1).
EUR/JPY down as Draghi puts finger on trigger
Having tested yesterday’s high of 143.47, EUR/JPY has been dragged lower by EUR sentiment, following ECB President Draghi’s speech today. The ECB decided to hold rates at 0.25% today, but in the subsequent presser, Draghi commented that the only thing which stopped the ECB from easing aggressively had been the seasonal Easter distortion of Inflation data. He noted that should the low not be reversed in April, this is the path that the bank will take. The EUR/JPY move lower has not been as pronounced as the decline in EUR/USD, but despite the 142.61 low, spot seems to have found some support around yesterdays lows between 142.70-80.
EUR/JPY Technicals
According to hourly FXStreet proprietary tools the OB/OS Index and Trend Index, the pair is neutral and slightly bearish respectively. At the time of writing, RSI is neutral at 43.28, up from 39.57 at the last hour close, while ADX is ranging at 28.90, up from 13.91 previous. Daily RSI sits at 61.73, in neutral territory.
The 200 SMA is currently at 143.01, up from 141.71 at the last period close, and climbing on the hourly EUR/JPY chart. On average, the exponential closing price for the past 20 days is 141.58, with the trend indicating a continuation higher ahead.
Hourly 2-Standard Deviation Volatility Bandwidth is currently 40 pips, and has been expanding, while the ATR (14) is currently 14 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 363 pips and shrinking
EUR/JPY Levels
Spot is presently trading at 142.72, and next resistance can be seen at 142.73 (Yesterday's Low), 142.98 (Hourly 20 EMA), 143.02 (Weekly High), 143.03 (Daily Open) and 143.06 (Weekly Classic R2). Below, we can see support at 142.66 (Daily Classic S1), 142.61 (Daily Low), 142.39 (Hourly 100 SMA), 142.30 (Daily Classic S2) and 142.23 (Weekly Classic R1).