EUR/JPY faces barricades around 143.30 despite weak Japan’s Unemployment data

EUR/JPY is sensing resistance around 143.30 despite an improvement in Japan’s jobless rate to 2.6%.
The economy has recorded higher employment opportunities amid ongoing prudent monetary policy.
The shared currency bulls are worried over higher forecasts for eurozone HICP data.

Sagar Dua FXStreet

The EUR/JPY pair is sensing barricades around 143.30 despite the increment in Japan’s Unemployment Rate. The Statistics Bureau of Japan has reported the jobless rate at 2.6%, higher than the estimates and the prior print of 2.5%. Moving further, the Jobs/Applicants ratio has improved to 1.24, higher than the former print of 1.23 but in line with the consensus of 1.24.

Rising job opportunities in the Japanese economy indicate that the prudent monetary policy adopted by the Bank of Japan (BOJ) is generating employment. The availability of cheap money in the economy is delighting the corporate sector to invest vigorously. Also, the rising exports by the economy amid the weak Japanese yen are supporting the labor market. Meanwhile, Japan's tax revenue in FY2021 reached a record 67 trillion yen - Nikkei. Higher tax revenue by the economy may support the yen bulls going further.

On the eurozone front, the shared currency bulls are awaiting the release of the Harmonized Index of Consumer Prices (HICP). As per the estimates, the annual inflation rate may improve to 8.3% from the prior figure of 8.1%. In this context, European Central Bank (ECB) President Christine Lagarde stated that the odds of returning to a lower inflation environment despite a spree of rate hike announcements are extremely lower.

EUR/JPY

Overview
Today last price	142.2
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	142.2

Trends
Daily SMA20	141.97
Daily SMA50	138.73
Daily SMA100	135.53
Daily SMA200	132.82

Levels
Previous Daily High	142.86
Previous Daily Low	141.38
Previous Weekly High	144.24
Previous Weekly Low	141.39
Previous Monthly High	144.28
Previous Monthly Low	137.93
Daily Fibonacci 38.2%	141.94
Daily Fibonacci 61.8%	142.3
Daily Pivot Point S1	141.43
Daily Pivot Point S2	140.66
Daily Pivot Point S3	139.94
Daily Pivot Point R1	142.91
Daily Pivot Point R2	143.63
Daily Pivot Point R3	144.4

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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