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Forex pairs in this Article » EUR/USD, USD/JPY (Moscow) - EUR/JPY treated the Euro bulls with a good run from 142.27 at the opening to the intraday highs at 142.97

EUR/JPY has broken out of the range

EUR/JPY found its tight range pretty comfortable until today morning when it rushed to the intraday highs at 142.97. The Euro growth and the Yen weakening are behind the move. Also the stops clustered above the resistance zone at 142.50-58 accelerated the upside. Traders are preparing themselves for the FOMC minutes, which makes the markets more volatile and the growth may be proved to be short-lived. Eurozone annual inflation continued to fall in December, which may force the ECB to go on with stimulating measures. No big deal for Euro against Yen as the Bank of Japan is also expected to expand its QE program. But this may be negative for EUR/USD, especially if the FOMC minutes published later today show that the decision to start tapering was unanimous. In this case the Euro downside may also be felt against Yen. So positioning and rangebound trading are likely to be the key features of today trading until late evening. Now the cross is trading close to 142.90. Run above 143.00 may enhance bullish sentiments.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 142.30, with support below at 141.98, 141.62 and 141.31, with resistance above at 142.66, 142.97, and 143.33. Hourly Moving Averages are bullish, with the 200SMA at 143.60 and the daily 20EMA at 142.38. Hourly RSI is neutral at 66.00.
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