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EUR/JPY is too lazy to move in Asia

FXStreet (Moscow) - EUR/JPY started Wednesday at 136.64 and managed to climb to the current Asian high of 136.75, but the trading activity is practically nonexistent ahead of important macro events.

EZ inflation in focus

Obviously, EUR/JPY bulls are not ready to move above 137.00 pivot as the cross has been moving down since failed attempt to break it in the end of the previous week. No wonder here as broadly negative EUR sentiments don’t let the cross to stage a good recovery even in improved risk environment. From the fundamental point of view the market largely ignored Japanese GDP numbers that came out pessimistic, but still better than expected. Later today we are waiting for inflation reports from core Eurozone economies where disinflation might show its ugly snarl once again. If this is the case, EUR could be pressured down across the board, while EUR/JPY might move the initial target of 136.36 (Tuesday’s low) followed by 136.00. The 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 136.67, with support below at 136.42, 136.12 and 135.87, with resistance above at 136.97, 137.22, and 137.52. Hourly Moving Averages are bearish with the 200SMA bearish at 137.03 and the daily 20EMA bearish at 137.20 Hourly RSI is bullish at 54.

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