• EUR/JPY is inching towards its seven-year high at 144.25 as investors await ECB's Lagarde.
  • The speech from ECB President Lagarde is expected to remain hawkish on interest rates amid soaring inflation.
  • The continuation of an ultra-loose monetary policy will keep the yen bulls on the tenterhooks.

The EUR/JPY pair is oscillating in a minor range of 143.17-143.36 in early Tokyo. Broadly, the asset is modestly advancing after sensing a rebound near Thursday’s low at 141.58. The cross is aiming to recapture its seven-year high at 144.25 as investors are awaiting the speech from European Central Bank (ECB) President Christine Lagarde, which is due on Tuesday.

ECB Lagarde is expected to dictate the roadmap of elevating the interest rates to combat the inflation monster. It is worth noting that the ECB has not followed the footprints of its Western mates and has not elevated its policy rates yet. The inflation rate has climbed above 8% in the eurozone and the only measure that has been taken by the ECB to contain inflation is the ending of the Asset Purchase Program (APP).

This time a rate hike announcement by the ECB looks likely as the inflation situation has turned into a mess and the households are facing the headwinds of the same.  

On the Tokyo front, a continuation of an ultra-loose monetary policy by the Bank of Japan (BOJ) will keep the Japanese yen on the tenterhooks. Despite the achievement of the desired inflation rate, the BOJ is unable to elevate its interest rates as the price pressures are majorly contributed by costly fossil fuels and food prices. For further guidance, investors will keep an eye on the Retail Trade data, which is due on Wednesday.

As per the market estimates, Japan’s Retail Trade is seen at 3.3%, higher than the former print of 2.9% on an annual basis. While the monthly Retail Trade may drop to -0.1% vs. 0.8% recorded earlier.

EUR/JPY

Overview
Today last price 143.23
Today Daily Change -0.12
Today Daily Change % -0.08
Today daily open 143.35
 
Trends
Daily SMA20 141.38
Daily SMA50 138.51
Daily SMA100 135.22
Daily SMA200 132.61
 
Levels
Previous Daily High 143.48
Previous Daily Low 142.03
Previous Weekly High 144.24
Previous Weekly Low 141.39
Previous Monthly High 138.32
Previous Monthly Low 132.66
Daily Fibonacci 38.2% 142.93
Daily Fibonacci 61.8% 142.59
Daily Pivot Point S1 142.43
Daily Pivot Point S2 141.51
Daily Pivot Point S3 140.98
Daily Pivot Point R1 143.88
Daily Pivot Point R2 144.41
Daily Pivot Point R3 145.33

 

 

 

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