EUR/JPY hits weekly high above 118.00 but fails to hold on top


  • EUR/JPY holds a bullish tone, unable so far to make a clear run above 118.00.
  • Volatility across financial markets remain low, even after FOMC minutes. 

The EUR/JPY pair is hovering around 118.00 consolidating daily gains but still, the bounce from the one-month lows remains limited. The bias ahead of the Asian session point to the upside. 

During the American session, EUR/JPY peaked at 118.08, the highest level since October 1. Then pulled back and as of writing trades at 117.98, up 70 pips for the day. The Euro is holding above yesterday’s top, with technical indicators favoring the upside. But it needs to risk back and hold above 118.00 to clear the way to more gains. 

The move to the upside on Wednesday was driven by a weaker Japanese Yen. An improvement in risk sentiment and also higher US yields pushed EUR/JPY to the upside. The pair held near the highs following the FOMC minutes. 

Fed’s document showed officials were worried about trade war consequences while many officials cited inflation in justifying the interest rate cut that was decided on the September meeting. US yields held near daily highs after the minutes. Market participants mostly ignored the minutes. 

Ahead of the Asian session, the Yen is facing some pressure while the Euro remains flat. On Thursday, in Japan, inflation data is due while later the European Central Bank will release the minutes from its latest meeting.

Levels to watch 
 

 

EUR/JPY

Overview
Today last price 118.02
Today Daily Change 0.68
Today Daily Change % 0.58
Today daily open 117.34
 
Trends
Daily SMA20 118.34
Daily SMA50 118.19
Daily SMA100 119.99
Daily SMA200 122.46
 
Levels
Previous Daily High 117.97
Previous Daily Low 117.12
Previous Weekly High 118.2
Previous Weekly Low 117.07
Previous Monthly High 120.01
Previous Monthly Low 115.86
Daily Fibonacci 38.2% 117.45
Daily Fibonacci 61.8% 117.65
Daily Pivot Point S1 116.98
Daily Pivot Point S2 116.63
Daily Pivot Point S3 116.14
Daily Pivot Point R1 117.83
Daily Pivot Point R2 118.32
Daily Pivot Point R3 118.68

 

 

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