#EURJPY @ 143.702 Euro under pressure following the ECB meeting and Lagarde’s press conference. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- Euro under pressure following the ECB meeting and Lagarde’s press conference.
- Japanese yen recovers some ground after days with significant losses.
- EUR/JPY again unable to hold above 144.00.
The pair currently trades last at 143.702.
The previous day high was 144.01 while the previous day low was 141.37. The daily 38.2% Fib levels comes at 143.0, expected to provide support. Similarly, the daily 61.8% fib level is at 142.38, expected to provide support.
The rally of the EUR/JPY cross hit a strong resistance area around 144.25 and pulled back following the European Central Bank meeting. It recently hit a fresh daily low 143.15. The decline takes place after a 500-pip rally in three days.
On Thursday, the European Central Bank raised interest rates by 75 basis points as expected, to curb inflation and despite economic grow concerns in the Eurozone. The central bank said it will hike further rates. Lagarde said the next hike is not necessarily a 75 bps.
The euro weakened across the board following the press conference favoring the correction in EUR/JPY. The decline also took place amid a recovery of the yen. USD/JPY pulled back from multi-decades highs to 143.50. Higher US yield still keep the yen under pressure.
The 144.20/30 area again
Like what happened several times in June, the 144.20/30 capped the upside in EUR/JPY. The cross hit on Thursday at 144.32 the highest intraday level since January 2015 but it quickly pulled back.
The euro was unable to hold above 144.00 and lost momentum. The cross needs a consolidation above that area to open the doors to more gains over the medium term. On the flip side, below 143.00, the next support is seen at the 142.40 area (July highs).
Technical Levels: Supports and Resistances
EURJPY currently trading at 143.33 at the time of writing. Pair opened at 143.89 and is trading with a change of -0.39 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 143.33 |
| 1 | Today Daily Change | -0.56 |
| 2 | Today Daily Change % | -0.39 |
| 3 | Today daily open | 143.89 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 138.13, 50 SMA 138.37, 100 SMA @ 138.52 and 200 SMA @ 134.72.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 138.13 |
| 1 | Daily SMA50 | 138.37 |
| 2 | Daily SMA100 | 138.52 |
| 3 | Daily SMA200 | 134.72 |
The previous day high was 144.01 while the previous day low was 141.37. The daily 38.2% Fib levels comes at 143.0, expected to provide support. Similarly, the daily 61.8% fib level is at 142.38, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 142.17, 140.46, 139.54
- Pivot resistance is noted at 144.81, 145.73, 147.45
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 144.01 |
| Previous Daily Low | 141.37 |
| Previous Weekly High | 140.75 |
| Previous Weekly Low | 137.04 |
| Previous Monthly High | 139.73 |
| Previous Monthly Low | 133.40 |
| Daily Fibonacci 38.2% | 143.00 |
| Daily Fibonacci 61.8% | 142.38 |
| Daily Pivot Point S1 | 142.17 |
| Daily Pivot Point S2 | 140.46 |
| Daily Pivot Point S3 | 139.54 |
| Daily Pivot Point R1 | 144.81 |
| Daily Pivot Point R2 | 145.73 |
| Daily Pivot Point R3 | 147.45 |
[/s2If]
Join Our Telegram Group
