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EUR/JPY clings to gains ahead of BoJ’s decision

EUR/JPY trades near the top of the Ichimoku Cloud, with first support at 158.00.
German GDP contracts less than expected, while inflation dips sharply.
Potential tweaks in BoJ's Yield Curve Control could impact the pair's future trajectory.

Christian Borjon Valencia FXStreet

EUR/JPY clings to Monday’s gains on Tuesday, in the early Asian session, following Monday’s session, which witnessed the pair reaching a daily high shy of the 159.00 figure, to witness the pair closing at around current exchange rates. At the time of writing, the EUR/JPY is trading at 158.26.

EUR/JPY Fundamental summary

The Eurozone (EU) economic docket witnessed that inflation in Germany dipped sharply, suggesting the latest European Central Bank (ECB) decision of holding rates could be the first pause of many, with the economies across the bloc stagnating. In that regard, Germany’s GDP for Q3 contracted less than expected but printed a negative reading.

On the Japanese Yen (JPY) front, a news piece by Nikkei reported the Bank of Japan (BoJ) could likely tweak its Yield Curve Control (YCC). Consequently, market participants bought the Yen in anticipation of Today’s BoJ monetary policy decision.

EUR/JPY Price Analysis: Technical outlook

The daily chart portrays the pair trading near the top of the Ichimoku Cloud (Kumo) after buyers failed to reclaim the Tenkan-Sen at 158.79. A breach of that exacerbated the EUR/JPY’s fall to the current week’s low of 157.69, which lies inside the Kumo. The EUR/JPY first support would be 158.00, followed by the 157.69. Once cleared, up next would be the Kijun-Sen at 157.12, ahead of 157.00, before prices tumble to the base of the Kumo at 155.61. Conversely, if buyers stepped in, the Tenkan Sen would first resist, followed by the 159.00 figure.

EUR/JPY Price Action – Daily chart

EUR/JPY

Overview
Today last price	158.22
Today Daily Change	0.08
Today Daily Change %	0.05
Today daily open	158.14

Trends
Daily SMA20	157.89
Daily SMA50	157.95
Daily SMA100	157.09
Daily SMA200	151.22

Levels
Previous Daily High	158.88
Previous Daily Low	157.88
Previous Weekly High	159.92
Previous Weekly Low	157.88
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	158.27
Daily Fibonacci 61.8%	158.5
Daily Pivot Point S1	157.72
Daily Pivot Point S2	157.3
Daily Pivot Point S3	156.72
Daily Pivot Point R1	158.72
Daily Pivot Point R2	159.3
Daily Pivot Point R3	159.72

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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