EUR/JPY oscillates around 139.00 as investors await BOJ policy minutes


  • EUR/JPY has turned sideways around 139.00 as the focus has shifted to BOJ policy minutes.
  • A deliberate attempt to harm the Nord Stream 1 pipeline will accelerate chaos in the German energy market.
  • ECB’s Lane has warned about a decline in corporate profits and wages in crushing price pressures.

The EUR/JPY pair displays a lackluster performance in the early Tokyo session as the cross hovers around 139.00. The asset is expected to re-test the critical support of 137.36, recorded on Monday as the German energy crisis is deepening after a deliberate action to harm the active infrastructure of the Nord Stream 1 pipeline to Germany. Broadly, the asset is witnessing topsy-turvy moves in a narrow range of 138.63-139.54 for the past two trading sessions.

On Tuesday, European Commission chief Ursula von der Leyen cited that the leaks of the Nord Stream pipelines were a result of sabotage, and warned of the "strongest possible response" should active European energy infrastructure be attacked. He further added that any deliberate attempt to demolish an active European energy infrastructure is ‘unacceptable’. The group behind the toxic attempt will face retaliation.

Apart from that, the comments from ECB’s Chief Economist Philip Lane have also dampened the sentiment of Eurozone investors. ECB’s Lane has warned of a decline in corporate profits and a drop in wages in the fight against galloping inflation. However, the inflation rate will start decreasing significantly in 2023, with further decreases in 2024.

Going forward, the yen investors will react to the release of the Bank of Japan (BOJ)’s policy minutes. This will provide a detailed view of the rationale behind the continuation of a dovish stance by the BOJ. Meanwhile, BOJ’s unscheduled bond-buying program has not impacted the yen prices much unlike the prior pattern in which investors used to punish the yen on an occurrence of the same. It seems that the impact of BOJ’s intervention in the currency markets will stay for longer.

EUR/JPY

Overview
Today last price 138.82
Today Daily Change -0.27
Today Daily Change % -0.19
Today daily open 139.09
 
Trends
Daily SMA20 141.75
Daily SMA50 139.19
Daily SMA100 139.21
Daily SMA200 135.65
 
Levels
Previous Daily High 139.52
Previous Daily Low 137.38
Previous Weekly High 144.04
Previous Weekly Low 138.67
Previous Monthly High 139.73
Previous Monthly Low 133.4
Daily Fibonacci 38.2% 138.71
Daily Fibonacci 61.8% 138.2
Daily Pivot Point S1 137.81
Daily Pivot Point S2 136.53
Daily Pivot Point S3 135.67
Daily Pivot Point R1 139.95
Daily Pivot Point R2 140.81
Daily Pivot Point R3 142.09

 

 

 

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

USD/JPY pops and drops on BoJ's expected hold

USD/JPY pops and drops on BoJ's expected hold

USD/JPY  reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%. The decision aligned with the market expectations. Governor Ueda's presser eyed. 

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/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
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

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