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Forex pairs in this Article » USD/JPY (Moscow) - EUR/JPY moves sideways during Asian hours, unable to break out of its tight range limited by intraday high at 142.52 and low at 142.17.

EUR/JPY gets sneaky

EUR/JPY is flat. It is just going nowhere. The daily chart shows a tight range limited by the support of 142.00 and the resistance of 142.50. The cross has attempted both sides, namely, yesterday evening it moved above 143.00 but quickly retraced back to cosy range. It is quite obvious that the cross will break out sooner or later and the move may be very violent considering the protracted consolidation. Today the ECB announces the rate decision, which may influence the Euro across the board. General economic situation in Eurozone has improved, but the currency union still have very little to crow about. The inflation is falling, the unemployment remains uncomfortably high while December PMI is at the 7-month low. But the Central Bank will probably refrain from actions and underline that it stands ready to fight deflation. This is potentially Euro negative, but the outcome of the meeting is widely expected and the reaction might be muted. Euro even may gain support If the ECB is not as vocal about further accommodative measures. The key level for EUR/JPY bulls lies at 143.00-143.16 (yesterday's high) while the move below 142.00 will negate the optimistic sentiments.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 142.53, with support below at 141.87, 141.46 and 140.79, with resistance above at 142.94, 143.61, and 144.02. Hourly Moving Averages are mostly bearish, with the 200SMA at 143.50 and the daily 20EMA at 142.27. Hourly RSI is neutral at 47.77
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