#EURJPY @ 144.713 The euro breaks above 144.00 to approach September’s peak of 145.45. (Pivot Orderbook analysis)

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• The euro breaks above 144.00 to approach September’s peak of 145.45.
• The yen remains weak, with the USD/YPY at a 34-year high.
• Investors are wary about the possibility of a BoJ intervention.

The pair currently trades last at 144.713.

The previous day high was 144.09 while the previous day low was 141.76. The daily 38.2% Fib levels comes at 143.2, expected to provide support. Similarly, the daily 61.8% fib level is at 142.65, expected to provide support.

The euro maintains its firm tone against a battered Japanese yen on Friday. The pair has extended its recovery from levels sub 141.00 earlier this week, to extend beyond 144.00, with September’s peak, at 145.45 on sight

The common currency has capitalized on the broad-based Japanese yen’s weakness, to appreciate nearly 2.5% so far this week. The yen is suffering against its main peers, with the USD/JPY reaching a 34-year high on Friday.

The greenback has actually broken past the level that triggered an intervention by the Bank of Japan last Month, which has set investors on alert. On Thursday, Japanese finance minister Suzuki reiterated the government’s commitment to take action against excessive currency volatility.

The yen is under strong negative pressure, weighed by the Fed – BoJ monetary policy divergence. With most of the major central banks immerse in a steep monetary tightening cycle, and the Federal Reserve expected to increase rates by 0.75% for the fourth consecutive time in November, the ultra-expansive policy of the Japanese Central bank is crushing demand on the yen.

Technical Levels: Supports and Resistances

EURJPY currently trading at 144.59 at the time of writing. Pair opened at 143.93 and is trading with a change of 0.46 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.76, 50 SMA 140.2, 100 SMA @ 140.03 and 200 SMA @ 136.42.

The previous day high was 144.09 while the previous day low was 141.76. The daily 38.2% Fib levels comes at 143.2, expected to provide support. Similarly, the daily 61.8% fib level is at 142.65, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 142.43, 140.93, 140.09
• Pivot resistance is noted at 144.76, 145.59, 147.09

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