EUR/JPY has crept close to 137.80 resistance

FXStreet (Moscow) - EUR/JPY is sitting marginally below the resistance of 137.80, the bulls hope to get support from European peers.

There is many a slip between the cup and the lip

EUR/JPY bulls stopped short at 137.70/80 resistance, scared by a sudden rush from weekly lows of 136.62 to 138.00 handle. Now the cross is only a step away from its recent range limited by 137.80-139.20, but to take out the resistance level is not as easy as it looks. As Japanese calendar contain only second tire data, a lot will depend on EUR. The single currency longer term sentiments are definitely bearish, though EUR bears are likely to pause and let the currency consolidate with bullish bias ahead of ECB monetary policy decision. On the intraday basis, keep an eye at 138.00 on the upside and 137.50 on the downside.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.80, with support below at 137.54, 137.30 and 137.04, with resistance above at 138.04, 138.30, and 138.54. Hourly Moving Averages are mixed with the 200SMA bullish at 137.08 and the daily 20EMA bullish at 137.55. Hourly RSI is bullish at 51.