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EUR/JPY saves pains ahead of ZEW

FXStreet (Moscow) - EUR/JPY is absolutely listless early in Asia, waiting for European catalysts; the cross is trading close to its opening level of 136.75 as traders ignore weaker than expected Domestic Corporate Goods Prices Index.

Let’s have ZEW for a change

EUR/JPY is highly sensitive to risk sentiments as global geopolitical situation is very unstable and may worsen any minute, causing rush to safety and JPY buying. On the other hand there is an interesting macroeconomic report on calendar today, namely a host of business sentiment indicators from German ZEW Institute. According to the forecasts, the figures reflect deterioration of Economic Assessment from 27.1 to 18 in August, while Current Situation indicator may have dropped from 61.8 to 56. Actually this report will give us a first flips of what European business think about the current sanctions war. Poor numbers are likely to put the cross under pressure towards initial support of 136.50 followed by an area of fresh bids at 136.25. The intraday upside is likely to be limited by 137.00

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 136.81, with support below at 136.57, 136.35 and 136.11, with resistance above at 137.02, 137.27, and 137.48. Hourly Moving Averages are bearish with the 200SMA bearish at 137.16 and the daily 20EMA bearish at 137.25 Hourly RSI is bullish at 58.

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