#EURJPY @ 142.893 is looking to scale above 143.00 for a fresh upside as hawkish ECB bets are intact. (Pivot Orderbook analysis)

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• EUR/JPY is looking to scale above 143.00 for a fresh upside as hawkish ECB bets are intact.
• The absence of recession in the Eurozone economy might postpone the achievement of the 2% inflation target.
• The release of the BoJ minutes will provide a detailed explanation behind the stable monetary policy.

The pair currently trades last at 142.893.

The previous day high was 144.39 while the previous day low was 141.37. The daily 38.2% Fib levels comes at 142.52, expected to provide support. Similarly, the daily 61.8% fib level is at 143.24, expected to provide resistance.

The EUR/JPY pair has gradually corrected below 143.00 in the Tokyo session. The cross is expected to resume its upside journey as the catastrophic collapse of the Silicon Valley Bank (SVB) has failed to fade the hawkish bets for the European Central Bank (ECB).

ECB President Christine Lagarde is expected to continue favoring a 50 basis point (bps) interest rate hike this week as the Eurozone economy looks set to avoid recession this year despite multiple headwinds.

A report from the Erste Bank Research team dictates “This Winter Interim Forecast lifts the outlook for growth and slightly lowers the inflation projections. Growth for 2022 is now estimated at 3.5% in the European Union (EU). Gross Domestic Product (GDP) is projected to expand by 0.8% in 2023 and 1.6% in 2024. Headline inflation is forecast to fall from 9.2% in 2022 to 6.4% in 2023 and 2.8% in 2024 in the EU.

Eurozone economic calendar will lack economic events this week, however, the release of the Industrial Production data could produce some power-pack events ahead.

As per the consensus, monthly Industrial Production (Jan) is expected to disclose an expansion by 0.5% against a contraction of 1.1% released earlier. Annual economic data is expected to scale higher by 0.2% vs. a contraction of 1.7% released in the same period a year ago.

On the Japanese Yen front, investors are keeping an eye on the release of the Bank of Japan (BoJ) monetary policy minutes. The release of the BoJ minutes will provide a detailed explanation behind the unchanged monetary policy by ex-BoJ Governor Haruhiko Kuroda and what is in the basket for novel BoJ Governor Kazuo Ueda.

Technical Levels: Supports and Resistances

EURJPY currently trading at 142.74 at the time of writing. Pair opened at 142.93 and is trading with a change of -0.13 % .

The pair is trading below its 20 Daily moving average @ 143.88, above its 50 Daily moving average @ 142.01 , below its 100 Daily moving average @ 143.06 and above its 200 Daily moving average @ 141.81

The previous day high was 144.39 while the previous day low was 141.37. The daily 38.2% Fib levels comes at 142.52, expected to provide support. Similarly, the daily 61.8% fib level is at 143.24, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 141.4, 139.87, 138.38
• Pivot resistance is noted at 144.43, 145.92, 147.45

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