#EURJPY @ 157.836 EUR/USD trades in negative territory for the second consecutive day.
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- EUR/USD trades in negative territory for the second consecutive day.
The pair currently trades last at 157.836.
The previous day high was 158.88 while the previous day low was 157.88. The daily 38.2% Fib levels comes at 158.27, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.5, expected to provide resistance.
The EUR/JPY cross loses traction below the 158.00 mark during the early European trading hours on Monday. That being said, the weaker-than-expected Eurozone economic data triggers the fear of recession in the Eurozone and exerts some selling pressure on the Euro (EUR) against the Japanese Yen (JPY). The cross currently trades around 157.80, down 0.20% for the day.
Market players await the German Gross Domestic Product (GDP) for the third quarter (Q3), which is estimated to contract 0.3% QoQ versus 0.2% expansion in the previous reading. The worse-than-expected data could drag the EUR lower as Germany is the largest economy in Europe.
On the JPY’s front, the Bank of Japan monetary policy meeting will be the highlight this week. Some speculate that the BoJ may tweak its yield curve control (YCC) approach. According to a Reuters poll, economists anticipate the BoJ will end its negative interest rate policy next year, with more now expecting the central bank to abandon its ultra-accommodative monetary policy.
Market players will monitor the German Gross Domestic Product (GDP) for the third quarter (Q3) due later on Monday in the European session. Also, the preliminary Spanish Consumer Price Index (CPI) for October and the German CPI will be released. The focus will shift to BoJ’s monetary policy decision on Tuesday. This event might trigger volatility in the financial markets and give a clear direction to the EUR/JPY cross.
Technical Levels: Supports and Resistances
EURJPY currently trading at 157.89 at the time of writing. Pair opened at 158.14 and is trading with a change of -0.16 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 157.89 |
| 1 | Today Daily Change | -0.25 |
| 2 | Today Daily Change % | -0.16 |
| 3 | Today daily open | 158.14 |
The pair is trading below its 20 Daily moving average @ 157.89, below its 50 Daily moving average @ 157.95 , above its 100 Daily moving average @ 157.09 and above its 200 Daily moving average @ 151.22
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 157.89 |
| 1 | Daily SMA50 | 157.95 |
| 2 | Daily SMA100 | 157.09 |
| 3 | Daily SMA200 | 151.22 |
The previous day high was 158.88 while the previous day low was 157.88. The daily 38.2% Fib levels comes at 158.27, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.5, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 157.72, 157.3, 156.72
- Pivot resistance is noted at 158.72, 159.3, 159.72
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 158.88 |
| Previous Daily Low | 157.88 |
| Previous Weekly High | 159.92 |
| Previous Weekly Low | 157.88 |
| Previous Monthly High | 158.66 |
| Previous Monthly Low | 156.58 |
| Daily Fibonacci 38.2% | 158.27 |
| Daily Fibonacci 61.8% | 158.50 |
| Daily Pivot Point S1 | 157.72 |
| Daily Pivot Point S2 | 157.30 |
| Daily Pivot Point S3 | 156.72 |
| Daily Pivot Point R1 | 158.72 |
| Daily Pivot Point R2 | 159.30 |
| Daily Pivot Point R3 | 159.72 |
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