EUR/JPY off daily highs, turns negative near 119.50


  • EUR/JPY returns to the mid-119.00s after testing 119.80.
  • EMU final CPI figures fell in line with preliminary prints.
  • FOMC meeting will be the salient event later today.

The now offered bias around the European currency is forcing EUR/JPY to give away initial gains and return to the 119.50/40 band.

EUR/JPY focused on FOMC event

The cross continues to face headwinds in the area just below 120.00 the figure, where sits the key multi-month resistance line (off April’s high).

So far, the now increasing selling pressure around the single currency is driving the cross lower although it manages well to keep business above the 119.00 mark for the time being.

EUR appears somewhat hurt by the better mood surrounding the buck, while final inflation figures in the euro area failed to surprised to the upside today, showing consumer princes rose 0.1% MoM and 1.0% YoY, matching the preliminary readings.

Looking ahead, the critical FOMC event will drive the sentiment in the global markets. Despite another 25 bps ‘insurance cut’ is already priced in, there is not such a thing regarding the potential tone from Chief Powell at his press conference, leaving the door open to a probable disappointment for USD-bears.

EUR/JPY relevant levels

At the moment the cross is retreating 0.19% at 119.46 and a breach of 118.08 (21-day SMA) would expose 115.86 (2019 low Sep.3) and finally 114.85 (2017 low Apr.17). On the upside, the next up barrier aligns at 120.01 (monthly high Sep.13) seconded by 120.74 (100-day SMA) and then 121.37 (high Jul.25).

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD bulls retain control near 1.3300 mark, highest since March 2022

GBP/USD bulls retain control near 1.3300 mark, highest since March 2022

The GBP/USD pair trades with a positive bias for the third straight day on Friday and hovers around the 1.3300 mark during the Asian session, just below its highest level since March 2022 touched the previous day.

GBP/USD News
EUR/USD grapples with higher ground as Fed cuts weigh on Greenback

EUR/USD grapples with higher ground as Fed cuts weigh on Greenback

EUR/USD found the high end on Thursday, holding fast to the 1.1150 level, though most of the pair’s bullish momentum comes from a broad-market selloff in the Greenback rather than any particular bullish fix in the Euro.

EUR/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures