#EURJPY @ 150.319 seems healthy above 150.00 as ECB to remain hawkish ahead. (Pivot Orderbook analysis)

…
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 seems healthy above 150.00 as ECB to remain hawkish ahead.
• Eurozone’s final Q1 GDP contracted by 0.1% which has propelled fears of a recession.
• BoJ Ueda might keep policy unchanged as he is consistently reiterating the need for monetary stimulus.

The pair currently trades last at 150.319.

The previous day high was 150.04 while the previous day low was 149.59. The daily 38.2% Fib levels comes at 149.76, expected to provide support. Similarly, the daily 61.8% fib level is at 149.87, expected to provide support.

The EUR/JPY pair is holding its auction confidently above the psychological resistance of 150.00 in the early European session. The cross is holding itself in the bullish trajectory as the European Central Bank (ECB) is committed to raising interest rates further for taming stubborn inflation despite deepening fears of a recession in the Eurozone.

Thursday’s final Eurozone Q1 Gross Domestic Product (GDP) data showed that the growth rate in the shared continent contracted by 0.1% while the market participants were estimating a stagnant performance. In the fourth quarter of CY2022, Eurozone GDP was expanded by 0.1%.

It is worth noting that the German economy is already in recession considering the fact that the nation registered two consecutive contractions in quarterly GDP numbers. Therefore, the odds of the Eurozone falling into a recession are skyrocketing. It seems that higher interest rates by ECB President Christine Lagarde to bring down inflation are heavily impacting Eurozone’s factory and services activity.

Somewhere in the battle of higher interest rates and higher inflation, the shared continent is losing.

According to a clear majority of economists polled by Reuters, ECB President Christine Lagarde will hike its key interest rates by 25 basis points (bps) on June 15 and again in July before pausing for the rest of the year.

Meanwhile, ECB Governing Council member Francois Villeroy de Galhau said “There is really a slowdown in inflation,” He further added, “2023 GDP growth should be at least 0.6%.”

The Japanese Yen is failing to get an upper hand as investors are anticipating that Bank of Japan (BoJ) Governor Kazuo Ueda will keep policy unchanged next week. The street believes that BoJ Ueda is consistently reiterating the need for monetary stimulus to keep inflation steadily above 2%, which could be achieved by higher wages and robust households demand.

Technical Levels: Supports and Resistances

EURJPY currently trading at 150.28 at the time of writing. Pair opened at 149.78 and is trading with a change of 0.33 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.41, 50 SMA 147.95, 100 SMA @ 145.26 and 200 SMA @ 144.2.

The previous day high was 150.04 while the previous day low was 149.59. The daily 38.2% Fib levels comes at 149.76, expected to provide support. Similarly, the daily 61.8% fib level is at 149.87, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.57, 149.35, 149.11
• Pivot resistance is noted at 150.02, 150.26, 150.48

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group