The EURJPY pair rose by approximately 80 pips during the European trading session, reaching a level of 158.00, after starting the session at 157.806.
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- EUR/JPY rallies near 80 pips to test 158.00 in the European session.
The pair currently trades last at 157.806.
The previous day high was 156.62 while the previous day low was 155.87. The daily 38.2% Fib levels comes at 156.16, expected to provide support. Similarly, the daily 61.8% fib level is at 156.34, expected to provide support.
The EUR/JPY pair has seen a vertical rise over the last hour, as the Japanese Yen came under intense selling pressure following the latest headlines on the potential Bank of Japan (BoJ) policy outlook.
Citing five sources familiar with the central bank’s thinking, Reuters reported that the BoJ is unlikely to introduce any changes to its yield curve control (YCC) settings at its two-day monetary policy review meeting, concluding on July 28.
The cross jumped from near the 157.15 region to test the 158.00 level, in a knee-jerk reaction to the dovish chatter, before reversing to trade at 157.77, where it now wavers. The pair is still up 1.21% on the day.
Earlier this week, the central bank Governor Kazuo Ueda poured cold water on any likely tweaks next week after he said that “there was still some distance to sustainably achieve the 2% inflation target.” The Yen also met fresh supply following his comments, extending the rebound in the cross briefly above the 157 mark on Wednesday.
At the moment, the upsurge in the USD/JPY is offering some support to the US Dollar across the board, allowing the Greenback to resume its recovery, in turn, checking the rebound in the EUR/USD pair.
Amid a lack of fresh economic data from the US docket this Friday, the BoJ expectations will continue to drive the EUR/JPY cross, as investors resort to repositioning ahead of the critical BoJ and the Fed policy announcements next week.
Technical Levels: Supports and Resistances
EURJPY currently trading at 157.77 at the time of writing. Pair opened at 155.9 and is trading with a change of 1.18 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 157.77 |
| 1 | Today Daily Change | 1.84 |
| 2 | Today Daily Change % | 1.18 |
| 3 | Today daily open | 155.90 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 156.36, 50 SMA 152.99, 100 SMA @ 149.17 and 200 SMA @ 146.19.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 156.36 |
| 1 | Daily SMA50 | 152.99 |
| 2 | Daily SMA100 | 149.17 |
| 3 | Daily SMA200 | 146.19 |
The previous day high was 156.62 while the previous day low was 155.87. The daily 38.2% Fib levels comes at 156.16, expected to provide support. Similarly, the daily 61.8% fib level is at 156.34, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 155.64, 155.38, 154.88
- Pivot resistance is noted at 156.39, 156.89, 157.15
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 156.62 |
| Previous Daily Low | 155.87 |
| Previous Weekly High | 156.67 |
| Previous Weekly Low | 153.43 |
| Previous Monthly High | 158.00 |
| Previous Monthly Low | 148.62 |
| Daily Fibonacci 38.2% | 156.16 |
| Daily Fibonacci 61.8% | 156.34 |
| Daily Pivot Point S1 | 155.64 |
| Daily Pivot Point S2 | 155.38 |
| Daily Pivot Point S3 | 154.88 |
| Daily Pivot Point R1 | 156.39 |
| Daily Pivot Point R2 | 156.89 |
| Daily Pivot Point R3 | 157.15 |
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