#EURJPY is currently experiencing gains near 157.00, but it was unable to sustain the upward movement that pushed it close to 158.00.
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- EUR/JPY trades with gains near 157.00 but failed to hold the momentum that took it to a high near 158.00.
The pair currently trades last at 157.067.
The previous day high was 156.85 while the previous day low was 155.81. The daily 38.2% Fib levels comes at 156.45, expected to provide support. Similarly, the daily 61.8% fib level is at 156.21, expected to provide support.
On Tuesday, the EUR/JPY jumped near 158.00 and then reversed its course settling near 157.00 as bulls started to show some exhaustion. No data was released in Europe besides the Harmonized Index of Consumer Prices (HICP) from the July revision, which didn’t show any surprises, while Japan reported signs of a weakening economy.
Despite Labour Cash Earning rising by 2.3% YoY in June, Overall Household Spending and Bank Lending came lower than expected and showed signs of a weaker Japanese economy. Plus, China reporting invalid data isn’t good news for Japan. In its leading trading partner, Exports decreased by 14.5% in July, and Imports fell by 6.9%, showing higher declines than anticipated.
On the European side, the EUR traded mixed against its rivals on an empty European calendar session.
The technical analysis of the daily chart points to a neutral to a bearish outlook for EUR/JPY, indicating a decline in bullish strength. The Relative Strength Index (RSI) turned flat in positive territory, while the Moving Average Convergence (MACD) displays stagnant red bars. That being said, the pair is above the 20,100,200-day SMAs, indicating a favourable position for the bulls in the bigger picture.
Support levels: 156.00, 155.55, 155.00.
Resistance levels: 157.50, 158.00, 158.50.
Technical Levels: Supports and Resistances
EURJPY currently trading at 157.14 at the time of writing. Pair opened at 156.8 and is trading with a change of 0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 157.14 |
| 1 | Today Daily Change | 0.34 |
| 2 | Today Daily Change % | 0.22 |
| 3 | Today daily open | 156.80 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 155.87, 50 SMA 154.64, 100 SMA @ 150.73 and 200 SMA @ 146.76.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 155.87 |
| 1 | Daily SMA50 | 154.64 |
| 2 | Daily SMA100 | 150.73 |
| 3 | Daily SMA200 | 146.76 |
The previous day high was 156.85 while the previous day low was 155.81. The daily 38.2% Fib levels comes at 156.45, expected to provide support. Similarly, the daily 61.8% fib level is at 156.21, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 156.12, 155.44, 155.08
- Pivot resistance is noted at 157.17, 157.53, 158.21
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 156.85 |
| Previous Daily Low | 155.81 |
| Previous Weekly High | 157.50 |
| Previous Weekly Low | 155.11 |
| Previous Monthly High | 158.05 |
| Previous Monthly Low | 151.41 |
| Daily Fibonacci 38.2% | 156.45 |
| Daily Fibonacci 61.8% | 156.21 |
| Daily Pivot Point S1 | 156.12 |
| Daily Pivot Point S2 | 155.44 |
| Daily Pivot Point S3 | 155.08 |
| Daily Pivot Point R1 | 157.17 |
| Daily Pivot Point R2 | 157.53 |
| Daily Pivot Point R3 | 158.21 |
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