EUR/JPY bulls go on trying to get above 136.00

FXStreet (Moscow) - EUR/JPY is on the back foot as the cross started the day at 136.22 and retreated to 135.92 due to EUR/USD weakness.

Bears are ready for a new offense

EUR/JPY tested waters below 136.00 level, but managed to finish the week at 136.09. The nearest EUR/JPY future is clouded as EUR is under pressure across the board due to new simulating stance of the ECB’s monetary policy. It means that the cross may continue its trip to the South, though the negative dynamics might be partially counterbalanced by JPY weakness. Japanese GDP numbers were largely ignored by the markets as they are already stale news. Though they serve as a reminder that the Abenomics is not that powerful anymore and BOJ might be forced to do something to keep it humming. Bear in mind that a sustained break below 13575/80 area may trigger a deeper downside movement towards the pivotal area of 135.30 and then to 135.00. On the upside 136.56 is the key resistance.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 136.18, with support below at 135.73, 135.36 and 134.91, with resistance above at 136.56, 137.01, and 137.38. Hourly Moving Averages are bullish with the 200SMA bullish at 137.11 and the daily 20EMA bearish at 137.07. Hourly RSI is bullish at 55