#EURJPY @ 158.578 recovered its intraday losses before the ECB policy decision.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]

• EUR/JPY recovered its intraday losses before the ECB policy decision.

The pair currently trades last at 158.578.

The previous day high was 159.08 while the previous day low was 158.41. The daily 38.2% Fib levels comes at 158.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.82, expected to provide resistance.

EUR/JPY cross has almost recovered its intraday losses, struggling below the session’s opening bid at 158.71 during the European trading hours on Thursday. The cross receives upward support ahead of the Monetary Policy Statement from the European Central Bank (ECB) due to be released later in the day.

This Eurozone’s inflation levels surpass the ECB’s target and mounting concerns about the risk of a slowdown or stagflation in the European zone. Hence, the ECB is expected to discontinue further policy tightening, which puts pressure on the Euro.

ECB President Christine Lagarde on Wednesday emphasized that underlying inflation remains sturdy, and wage growth is sustaining historically high levels. This could play a significant role in shaping the ongoing narrative influencing the performance of the Euro.

Investors will shift their attention to the Tokyo Consumer Price Index (CPI) and Core CPI for October on Friday, seeking the potential impact on market sentiment concerning the inflation scenario in Japan.

The Yen exhibited improvement against the US Dollar during the European session, but the extent and rapidity of the decline raise suspicions, prompting consideration that it might make more sense for Tokyo to intervene.

Earlier in the day, Japan’s Deputy Chief Cabinet Secretary Murai Hideki took center stage, communicating through Reuters that maintaining stable currency movements aligned with fundamentals is of utmost importance. He voices dissatisfaction with excessive foreign exchange (FX) volatility and maintains silence on the topic of currency intervention. Hideki underscores a commitment to taking fully appropriate measures in handling FX matters.

Technical Levels: Supports and Resistances

EURJPY currently trading at 158.58 at the time of writing. Pair opened at 158.64 and is trading with a change of -0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 157.84, 50 SMA 157.94, 100 SMA @ 156.91 and 200 SMA @ 151.04.

The previous day high was 159.08 while the previous day low was 158.41. The daily 38.2% Fib levels comes at 158.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.82, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 158.34, 158.04, 157.67
• Pivot resistance is noted at 159.01, 159.38, 159.68

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...