On Wednesday, the EURJPY pair continues to rise and remains above the 156.30 level, currently trading at 156.473.
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- EUR/JPY extends its upside and holds above the 156.30 mark on Wednesday.
The pair currently trades last at 156.473.
The previous day high was 156.15 while the previous day low was 154.88. The daily 38.2% Fib levels comes at 155.66, expected to provide support. Similarly, the daily 61.8% fib level is at 155.36, expected to provide support.
The EUR/JPY pair gains traction after bouncing off Monday’s low around 155.00. The pair currently trades around 156.40 heading into Tuesday’s European session. Bank of Japan (BoJ) Governor Kazuo Ueda is expected to maintain the easy-money policy, even though market participants expected and exited ultra-low interest rates and moderated the Yield Curve Control (YCC) policy. This, in turn, leads to the weakening of the Japanese Yen against its major rivals due to monetary policy divergences.
It’s worth noting that the cross stands above the 100- and 200-hour Exponential Moving Averages (EMA), which means further upside looks favorable.
According to the four-hour chart, the cross will meet the immediate resistance level of 156.90 (High of June 22). The 158.00 area appears to be a tough nut to crack for EUR/JPY. The mentioned level represents a psychological round mark, and Year-to-date (YTD) high. Any meaningful follow-through buying will see a rally to the next round figure hurdle at 159.00 and 160.00.
On the downside, 155.85 acts as an initial support level, highlighting the High of July 6. The additional downside filter to watch is 155.55 (100-day EMA), followed by 154.40 (200-day EMA).
The Relative Strength Index (RSI) stands above 60, indicating bullish territory and suggesting that the path of least resistance for the EUR/JPY cross is to the upside.
Technical Levels: Supports and Resistances
EURJPY currently trading at 156.35 at the time of writing. Pair opened at 155.89 and is trading with a change of 0.3 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 156.35 |
| 1 | Today Daily Change | 0.46 |
| 2 | Today Daily Change % | 0.30 |
| 3 | Today daily open | 155.89 |
The pair is trading below its 20 Daily moving average @ 156.38, above its 50 Daily moving average @ 152.64 , above its 100 Daily moving average @ 148.95 and above its 200 Daily moving average @ 146.06
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 156.38 |
| 1 | Daily SMA50 | 152.64 |
| 2 | Daily SMA100 | 148.95 |
| 3 | Daily SMA200 | 146.06 |
The previous day high was 156.15 while the previous day low was 154.88. The daily 38.2% Fib levels comes at 155.66, expected to provide support. Similarly, the daily 61.8% fib level is at 155.36, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 155.13, 154.37, 153.86
- Pivot resistance is noted at 156.4, 156.91, 157.67
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 156.15 |
| Previous Daily Low | 154.88 |
| Previous Weekly High | 156.67 |
| Previous Weekly Low | 153.43 |
| Previous Monthly High | 158.00 |
| Previous Monthly Low | 148.62 |
| Daily Fibonacci 38.2% | 155.66 |
| Daily Fibonacci 61.8% | 155.36 |
| Daily Pivot Point S1 | 155.13 |
| Daily Pivot Point S2 | 154.37 |
| Daily Pivot Point S3 | 153.86 |
| Daily Pivot Point R1 | 156.40 |
| Daily Pivot Point R2 | 156.91 |
| Daily Pivot Point R3 | 157.67 |
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