It appears that the EURJPY at a value of 155.033 is consolidating the 300-pip increase from last week and moving back to the psychological level of 155.00.
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- EUR/JPY seem to be consolidating last week’s 300-pip gains retreating to the 155.00 psychological mark.
The pair currently trades last at 155.033.
The previous day high was 155.27 while the previous day low was 153.09. The daily 38.2% Fib levels comes at 154.44, expected to provide support. Similarly, the daily 61.8% fib level is at 153.93, expected to provide support.
On Monday, the EUR/JPY retreated to the 155.00 area as traders seem to be correcting overbought conditions following last week’s impressive gains. However, the European Central Bank (ECB) hawks hint at more rate hikes and limited the Euro’s losses, while investors await Bank of Japan (BoJ) minutes in the early Asian session on Tuesday.
On Monday, Phillip Lane from the ECB was on the wires and stated that another hike in July may be appropriate but opened the door for a pause in the following meeting stating, “then we’ll see on September” and argued that the bank needs to be data-dependent about the inflation outlook. Elsewhere, Isabel Schnabel cited that inflation risks are tilted to the upside and that she prioritizes doing “too much” over doing “too little”.
As a reaction, German bond yields are rising, with the 10-year rate standing at 2.51% and the 2-year yielding 3.22%, with both seeing more of a 1% gain.
On the other hand, the Bank of Japan (BoJ) is scheduled to publish the minutes of its Friday meeting on Tuesday. This release will provide investors with a clearer understanding of the bank’s position on its ultra-loose monetary policy, which could influence the value of the Yen.
Despite the downward correction, the upside bias is still intact for the pair. Technicals still favour the Euro over the Yen while the pair trades above its main Simple Moving Averages (SMAs) of 20, 100 and 200 days.
Support levels to watch:154.50, 154.00, 153.50
Resistance levels to watch:155.20, 155.50, 156.00
Technical Levels: Supports and Resistances
EURJPY currently trading at 155.03 at the time of writing. Pair opened at 155.21 and is trading with a change of -0.12 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 155.03 |
| 1 | Today Daily Change | -0.18 |
| 2 | Today Daily Change % | -0.12 |
| 3 | Today daily open | 155.21 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 150.45, 50 SMA 148.91, 100 SMA @ 145.89 and 200 SMA @ 144.5.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 150.45 |
| 1 | Daily SMA50 | 148.91 |
| 2 | Daily SMA100 | 145.89 |
| 3 | Daily SMA200 | 144.50 |
The previous day high was 155.27 while the previous day low was 153.09. The daily 38.2% Fib levels comes at 154.44, expected to provide support. Similarly, the daily 61.8% fib level is at 153.93, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 153.78, 152.34, 151.59
- Pivot resistance is noted at 155.96, 156.71, 158.14
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 155.27 |
| Previous Daily Low | 153.09 |
| Previous Weekly High | 155.27 |
| Previous Weekly Low | 149.67 |
| Previous Monthly High | 151.62 |
| Previous Monthly Low | 146.14 |
| Daily Fibonacci 38.2% | 154.44 |
| Daily Fibonacci 61.8% | 153.93 |
| Daily Pivot Point S1 | 153.78 |
| Daily Pivot Point S2 | 152.34 |
| Daily Pivot Point S3 | 151.59 |
| Daily Pivot Point R1 | 155.96 |
| Daily Pivot Point R2 | 156.71 |
| Daily Pivot Point R3 | 158.14 |
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