#EURJPY @ 158.052 trades at 158.06, down 0.48%, as BoJ normalization speculations gain traction.
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- EUR/JPY trades at 158.06, down 0.48%, as BoJ normalization speculations gain traction.
The pair currently trades last at 158.052.
The previous day high was 158.91 while the previous day low was 157.99. The daily 38.2% Fib levels comes at 158.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.56, expected to provide resistance.
The Euro (EUR) lost a step against the Japanese Yen (JPY) on Friday, on speculations that high inflation revealed by Japan with the Tokyo CPI surprisingly exceeding estimates, could motivate the Bank of Japan (BoJ) to normalize its monetary policy. That said, the EUR/JPY is trading at 158.06, down 0.48%.
Recently market sentiment has shifted negatively, as Israel expanded its operations in Gaza, an escalation of the conflict. Therefore, safe-haven assets like Gold, and the Yen in the FX space, were bolstered as a consequence of that.
Also, the European Central Bank’s (ECB) decision to hold rates unchanged was a headwind for the EUR/JPY. Although the ECB’s President Christine Lagarde kept options open for further tightening, traders scaled back their positions for further hikes; instead, the first-rate cut was moved forward from July to June 2024.
During the Asian session, Core inflation in Tokyo, often considered a leading indicator of nationwide inflation in Japan, unexpectedly accelerated. This unexpected uptick in core inflation has led to speculation that the Bank of Japan (BoJ) may revise its inflation forecasts at the upcoming monetary policy meeting scheduled for the following week.
Ahead of the week, the EU’s agenda would feature GDP data, inflation figures, employment data, and Flash PMIs. On the Japanese front, the week’s highlight would be the Bank of Japan’s monetary policy decision.
Technical Levels: Supports and Resistances
EURJPY currently trading at 158.14 at the time of writing. Pair opened at 158.6 and is trading with a change of -0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 158.14 |
| 1 | Today Daily Change | -0.46 |
| 2 | Today Daily Change % | -0.29 |
| 3 | Today daily open | 158.60 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 157.88, 50 SMA 157.94, 100 SMA @ 157.0 and 200 SMA @ 151.13.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 157.88 |
| 1 | Daily SMA50 | 157.94 |
| 2 | Daily SMA100 | 157.00 |
| 3 | Daily SMA200 | 151.13 |
The previous day high was 158.91 while the previous day low was 157.99. The daily 38.2% Fib levels comes at 158.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.56, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 158.09, 157.59, 157.18
- Pivot resistance is noted at 159.0, 159.41, 159.92
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 158.91 |
| Previous Daily Low | 157.99 |
| Previous Weekly High | 158.93 |
| Previous Weekly Low | 157.06 |
| Previous Monthly High | 158.66 |
| Previous Monthly Low | 156.58 |
| Daily Fibonacci 38.2% | 158.34 |
| Daily Fibonacci 61.8% | 158.56 |
| Daily Pivot Point S1 | 158.09 |
| Daily Pivot Point S2 | 157.59 |
| Daily Pivot Point S3 | 157.18 |
| Daily Pivot Point R1 | 159.00 |
| Daily Pivot Point R2 | 159.41 |
| Daily Pivot Point R3 | 159.92 |
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