• EUR/JPY is juggling in a 14-pips range ahead of GDP numbers.
  • Hungary is opposing a quick embargo on Russian oil imports.
  • An underperformance is expected from Japan’s GDP numbers this week.

The EUR/JPY pair is displaying an extreme volatility contraction in the Asian session. The cross is trading in a 14-pips range and is expected to continue with its lackluster move as investors are awaiting the release of the Gross Domestic Product (GDP) numbers in the eurozone.

A preliminary estimate by Eurostat claims that the yearly and monthly GDP figures will remain constant. The former is seen at 5% while the latter is expected to land at 0.2%. Lately, the shared currency bulls have been through intense selling pressure amid rising fears of a recession in the eurozone. The European Union (EU) is still discussing an embargo on Russian oil, a follow-up move to retaliate against Russia’s invasion of Ukraine. Opposition to the European embargo has been recorded from Hungary amid its higher dependence on Russia for its fossil fuels and energy needs.

On the Japanese front, yen bulls have remained firmer these trading sessions after Bank of Japan (BOJ)’s Governor Harihuko Kuroda displayed the intention to stick to a prudent monetary policy. The Japanese economy has not reached its pre-pandemic growth levels and inflationary pressures are extremely low. Investors should brace for more stimulus packages by the BOJ to spurt the aggregate demand.

On Wednesday, the Japanese administration will also report the GDP numbers. The quarterly figure is seen at -0.4% against the prior print of 1.1% while the annualized figure is likely to land at -1.8%, significantly lower than the former number of 4.6%.

EUR/JPY

Overview
Today last price 134.52
Today Daily Change -0.34
Today Daily Change % -0.25
Today daily open 134.86
 
Trends
Daily SMA20 136.88
Daily SMA50 134.77
Daily SMA100 132.38
Daily SMA200 131.08
 
Levels
Previous Daily High 135.05
Previous Daily Low 133.75
Previous Weekly High 138.32
Previous Weekly Low 132.66
Previous Monthly High 140
Previous Monthly Low 134.3
Daily Fibonacci 38.2% 134.55
Daily Fibonacci 61.8% 134.25
Daily Pivot Point S1 134.05
Daily Pivot Point S2 133.25
Daily Pivot Point S3 132.75
Daily Pivot Point R1 135.36
Daily Pivot Point R2 135.86
Daily Pivot Point R3 136.66

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD is consolidated at the start of the Asian day following some back and forth at the start of the week. The Aussie is trading at 0.6922 and will be dependent on the trajectory of the greenback in the absence of domestic data this week other than Retail Sales tomorrow. 

AUD/USD News

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD holds onto the pullback from a two-week high as bulls get rejections from short-term key resistances, as well as risk-off mood, during Tuesday’s Asian session. The major currency pair remains pressured around 1.0585.

EUR/USD News

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold price displayed a failed attempt to sustain above the critical resistance of $1,840.00 on Monday. The precious metal has turned sideways after a sheer downside move and is expected to extend its losses after violating the crucial support of $1,820.85.

Gold News

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize. LUNA price sees an uptick in social media commentary.
 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures