The EURJPY pair rose to a new peak of 159.30 after being at 159.241.

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• EUR/JPY jumped to a fresh cycle high of 159.30.

The pair currently trades last at 159.241.

The previous day high was 158.59 while the previous day low was 157.66. The daily 38.2% Fib levels comes at 158.01, expected to provide support. Similarly, the daily 61.8% fib level is at 158.23, expected to provide support.

On Monday, the EUR/JPY gained ground and established itself above 159.00, mainly driven by a stronger Euro.

In that sense, the European currency traded strongly against its rivals after the Bundesbank monthly report indicated the inflation pressures could persist longer than the European Central Bank’s (ECB) expectations. As a reaction, investors are betting on a more aggressive ECB as German yields increase, making the Euro gain interest. Focus now shift to Christine Lagarde’s speech on Thursday at the Jackson Hole Symposium, where investors will look for clues regarding forward guidance.

On the JPY’s side, the People’s Bank of China unexpectedly cut the one-year Loan Prime Rate (LPR) and reminded investors of the fragile economic situation in the Asian giant, which could further weaken the Japanese economy. In addition, it was reported that the Bank of Japan (BoJ) will consider tightening when it wage pressures increase, so the ultra-dovish stance also contributes to Yen’s downside.

The daily chart analysis shows that short-term prospects for EUR/JPY look bullish. Both Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) remain positive, with Relative Strength Index (RSI) positioned above its midline and displaying an upward trajectory. Moving Average Convergence Divergence (MACD) also presents green bars, implying a strengthening bullish momentum. Moreover, the pair is above the 20,100,200-day Simple Moving Averages (SMAs), indicating a favourable position for the bulls in the bigger picture.

Support levels: 159.00, 158.50, 158.00.

Resistance levels: 159.50, 160.00, 160.50

Technical Levels: Supports and Resistances

EURJPY currently trading at 159.32 at the time of writing. Pair opened at 158.07 and is trading with a change of 0.79 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 157.1, 50 SMA 156.23, 100 SMA @ 152.14 and 200 SMA @ 147.34.

The previous day high was 158.59 while the previous day low was 157.66. The daily 38.2% Fib levels comes at 158.01, expected to provide support. Similarly, the daily 61.8% fib level is at 158.23, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 157.62, 157.18, 156.69
• Pivot resistance is noted at 158.55, 159.04, 159.48

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