Aggressive buy orders for #EURJPY at 152.800 surged following the Bank of Japan’s decision to maintain its current policy.

…
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 catches aggressive bids after the BoJ decided to leave its policy setting unchanged.

The pair currently trades last at 152.800.

The previous day high was 156.24 while the previous day low was 152.19. The daily 38.2% Fib levels comes at 153.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 154.69, expected to provide resistance.

The EUR/JPY cross stages a solid intraday recovery from its lowest level since mid-June touched this Friday and spikes to a fresh daily high after the Bank of Japan (BoJ) announced its policy decision. The strong intraday rally, however, fizzles ahead of the 155.00 psychological mark, dragging spot prices back below mid-153.00s in the last hour.

The Japanese Yen (JPY) weakens across the board in reaction to the BoJ’s decision to leave its current accommodative monetary policy settings unchanged, which turns out to be a key factor that prompts aggressive short-covering around the EUR/JPY cross. Spot prices rally nearly 300 pips intraday and for now, seem to have snapped a four-day losing streak, reversing a major part of the previous day’s heavy losses. That said, a slight deterioration in the global risk sentiment helps limit any further losses for the safe-haven JPY.

Moreover, bulls seem reluctant to place aggressive bets around the shared currency as the European Central Bank (ECB) did not provide any explicit forward guidance about upcoming moves, raising the possibility of a potential pause in September. In fact, the ECB noted that inflation, though continues to decline, is still expected to remain too high for too long. However, the central bank said that the Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction.

Hence, it will be prudent to wait for strong follow-through buying before confirming that the EUR/JPY pair’s recent sharp pullback from the 158.00 mark, or its highest level since September 2008 touched last Friday has run its course. Nevertheless, the cross remains on track to end the week deep in the red.

Technical Levels: Supports and Resistances

EURJPY currently trading at 153.43 at the time of writing. Pair opened at 153.08 and is trading with a change of 0.23 % .

The pair is trading below its 20 Daily moving average @ 155.99, below its 50 Daily moving average @ 153.72 , above its 100 Daily moving average @ 149.73 and above its 200 Daily moving average @ 146.43

The previous day high was 156.24 while the previous day low was 152.19. The daily 38.2% Fib levels comes at 153.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 154.69, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 151.44, 149.79, 147.39
• Pivot resistance is noted at 155.48, 157.88, 159.53

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...