EUR/JPY bulls play all or nothing game at 137.00 pivot

FXStreet (Moscow) - EUR/JPY bulls are doing their best to get above 137.00; the resistance area is under their fierce attack as the cross started the day at 136.86 and touched the Asian high at 137.10

Japanese disappointment

EUR/JPY bulls don’t leave their attempts to settle above 137.00 pivot. On Wednesday the cross spiked to 137.17, but retired to its recent range by the end of the day. Though Asian morning brought in fresh buying interest, driven mostly by JPY weakness across the board. Dismal GDP numbers on Wednesday were followed by lower than expected Machinery orders on Thursday. The report revealed 8/8% m/m growth and -3.3% y/y decline in June after a horrid drop (-19.5% m/m, -14.3% y/y) in May. This data seems to be another evidence of weakening Japanese recovery and waning Abenomics effect. From the technical point of view, EUR/JPY needs to go through 137.00/10 resistance area packed with stops and offers, once it succeeds, 137.30 will come into play. On the downside the initial support is seen at 136.80/70.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 136.90, with support below at 136.60, 136.31 and 136.00, with resistance above at 137.19, 137.49, and 137.78. Hourly Moving Averages are bearish with the 200SMA bullish at 136.93 and the daily 20EMA neural at 137.17 Hourly RSI is bullish at 65.