EUR/JPY ekes out another 15-year high, inching towards 162.00
- The EUR/JPY is squeezing into 161.80 as the Yen continues to slump against the Euro.
- ECB President Lagarde dual speeches today and tomorrow.
- Japan trade balance data missed expectations.
The EUR/JPY pinged another 15-year high as a recovering Euro (EUR) takes another step over the Japanese Yen (JPY).
European Central Bank (ECB) President Christine Lagarde will be delivering a speech today and a speech tomorrow; today's speech will be at the House of the Euro, a collaborative working space for different European central banks. No significant comments on monetary policy are likely at the event.
Meanwhile, President Lagarde's second showing in as many days sees the ECB head spending Friday participating in a 'fireside chat' at the Financial Times' Global Boardroom in London.
Japan Current Account figures missed the mark early Thursday, with the non-seasonally-adjusted headline Current Account for September coming in at JPY 2.723 trillion, flubbing the forecast 3 trillion but still squeaking out above August's 2.279 trillion.
EUR/JPY Technical Outlook
The Euro is grinding ever-higher into 15-year highs against the Yen, and technical patterns towards the topside are entirely absent. Technical framework is strictly limited to pullbacks and any recovery patterns in the Yen, should they ever come.
The pair saw some rough consolidation through the past four to five months, but the most recent bullish snap in the EuR/JPY is taking the pair further above the 50-day Simple Moving Average (SMA) currently rising from the 158.00 handle, while current price action soars far above median prices near the 200-day SMA currently rising into 152.00.
EUR/JPY Daily Chart
EUR/JPY Technical Levels
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
