EUR/JPY analysis: range bound as the dollar remains in center stage

Valeria Bednarik FXStreet

EUR/JPY Current price: 120.89

The EUR/JPY pair ended the day pretty much flat in the 120.90 region, as both currencies continued to trade in parallel, led by greenback's self strength/weakness. Yen's gains remain limited, as US Treasury yields remain near its recent highs, with the 10-year benchmark at 2.51%, the high posted after Tuesday's Yellen statement before the US Congress. There were no big news in Japan, and the macroeconomic calendar will remain empty this Thursday. The pair retreated from a fresh weekly high of 121.27, and the 4 hours chart shows that selling interest surged around a bearish 100 SMA whilst in the same chart, technical indicators have turned lower within neutral territory, reflecting the absence of clear directional strength. Given that the market is all about the greenback these days, there are little chances of seeing a clearer trend in the pair, expected to trade within a major Fibonacci resistance at 121.40 and this month low of 119.32.

Support levels: 120.55 120.10 119.60

Resistance levels: 121.40 121.85 122.30

View Live Chart for the EUR/JPY

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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