EUR/JPY consolidates near 132.20 ahead of ECB’s Lagarde speech

EUR/JPY failed to capitalize on the previous day’s gains and remained muted on Friday.
The Euro remained grounded on upbeat economic data and ECB optimistic view on the economy.
Yen flattered against majors on weaker economic recovery and spread of the highly contagious Delta variant.

Rekha Chauhan Independent Analyst

EUR/JPY remains muted on Friday in the European trading hours. The pair rose from the low of 131.27 in the past two sessions and touched the high of 132.43 a day earlier.

At the time of writing, EUR/JPY is trading at 132.13, down 0.01% for the day.

The single currency remained resilient following the strong economic data. The Eurozone Jobless Rate fell to 7.9% in May, the lowest level since May 2020, and marginally below the market estimate of 8.0%. The IHS Markit Eurozone Manufacturing PMI grew to a new record of 63.4 in June, above the market consensus of 63.1.

Meanwhile, ECB President Christine Lagarde in the previous week said that the central bank is confident that the rebound in the global demand and a rapid vaccination program could result in a robust economic recovery.

It is worth noting that S&P 500 Futures were trading at 4,319 with 0.52% gains.

On the other hand, the Japanese yen is under pressure on the concerns of rising coronavirus infections. The Japanese government plans to extend its COVID-19 lockdown in Tokyo and other states by two weeks to a month.

Fears that extended lockdown could further hamper the fragile economic recovery kept investors away from the Japanese yen.

The Unemployment Rate in Japan rose to 3% in May, the highest level since December 2020. The data released in the previous week.

As for now, the market dynamics continue to influence the pair’s performance for the time being.

Traders keep their eye on the Euro Producer Price Index (PPI) data to gain some fresh trading impetus.

EUR/JPY additional levels

EUR/JPY

Overview
Today last price	132.14
Today Daily Change	-0.02
Today Daily Change %	-0.02
Today daily open	132.16

Trends
Daily SMA20	132.43
Daily SMA50	132.44
Daily SMA100	130.9
Daily SMA200	128

Levels
Previous Daily High	132.43
Previous Daily Low	131.56
Previous Weekly High	132.7
Previous Weekly Low	130.04
Previous Monthly High	134.13
Previous Monthly Low	130.04
Daily Fibonacci 38.2%	132.1
Daily Fibonacci 61.8%	131.9
Daily Pivot Point S1	131.67
Daily Pivot Point S2	131.18
Daily Pivot Point S3	130.8
Daily Pivot Point R1	132.54
Daily Pivot Point R2	132.92
Daily Pivot Point R3	133.41

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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