The #EURJPY currency pair, currently at 158.897, continues to decrease and reaches 158.84 following the release of German economic information.
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- EUR/JPY extends its downside to 158.84 after the German data.
The pair currently trades last at 158.897.
The previous day high was 159.76 while the previous day low was 158.45. The daily 38.2% Fib levels comes at 159.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.95, expected to provide resistance.
The EUR/JPY cross faces some selling pressure and drops sharply below the 159.00 area following the release of German Retail Sales. At the time of writing, the EUR/JPY is losing 0.55% on the day to trade at 158.84.
The recent data released by Destatis on Thursday showed German Retail Sales dropped 0.8% MoM in July, compared to 0.3% expected and -0.8% previously. Annually, the bloc’s Retail Sales declined 2.2% in July, compared to an expected decrease of 1.0% and a reading of -1.6% in June. The Euro loses momentum against the Japanese Yen following the data.
On the Japanese Yen front, Bank of Japan (BoJ) Board member Toyoaki Nakamura stated on Thursday that policymakers need more time to transition to monetary tightening. The data from the Japanese docket showed that Retail Sales rose by 6.8% YoY in July versus 5.6% prior, better than the expectation of 5.4%. While, Industrial Production dropped by 2.0% MoM in July from a rise of 2.4% in the previous month, compared to market consensus of a 1.4% drop.
Looking ahead, the German Unemployment Rate and Eurozone Harmonized Index of Consumer Prices for August will be released later in the day. Also, the European Central Bank (ECB) policymaker Isabel Schnabel’s speech could offer hints about further monetary policy. Traders will take cues from these figures and find trading opportunities around the EUR/JPY cross.
Technical Levels: Supports and Resistances
EURJPY currently trading at 159.29 at the time of writing. Pair opened at 159.75 and is trading with a change of -0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 159.29 |
| 1 | Today Daily Change | -0.46 |
| 2 | Today Daily Change % | -0.29 |
| 3 | Today daily open | 159.75 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 158.12, 50 SMA 157.03, 100 SMA @ 153.25 and 200 SMA @ 147.88.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 158.12 |
| 1 | Daily SMA50 | 157.03 |
| 2 | Daily SMA100 | 153.25 |
| 3 | Daily SMA200 | 147.88 |
The previous day high was 159.76 while the previous day low was 158.45. The daily 38.2% Fib levels comes at 159.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 158.95, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 158.88, 158.01, 157.57
- Pivot resistance is noted at 160.19, 160.63, 161.5
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 159.76 |
| Previous Daily Low | 158.45 |
| Previous Weekly High | 159.49 |
| Previous Weekly Low | 156.87 |
| Previous Monthly High | 158.05 |
| Previous Monthly Low | 151.41 |
| Daily Fibonacci 38.2% | 159.26 |
| Daily Fibonacci 61.8% | 158.95 |
| Daily Pivot Point S1 | 158.88 |
| Daily Pivot Point S2 | 158.01 |
| Daily Pivot Point S3 | 157.57 |
| Daily Pivot Point R1 | 160.19 |
| Daily Pivot Point R2 | 160.63 |
| Daily Pivot Point R3 | 161.50 |
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