• The EUR/JPY advances in the week, so far up p0.56% amid a risk-on market mood.
  • The US and the UK to ban oil imports from Russia.
  • EUR/JPY Technical Outlook: Once stalled around the 126.70-95 region, would resume its downward bias.

The shared currency recovers some ground versus the low-yielder and the safe-haven Japanese yen amid a risk-off market mood. Factors like Russia upholding ceasefire along Ukraine corridors and a Eurozone significant joint bond sale to finance defense and energy boosted the EUR, which gains vs. most G8 currencies on Tuesday. At press time, the EUR/JPY is trading at 126.12.

Late in the New York session, the market sentiment improved, portrayed by US equities rising. In Asia, stock market futures fluctuate, though it usually carries on Wall Street’s close. Worth noting is the oil embargo by the US and the UK. US President Joe Biden said that the US would ban imports of Russian fossil oil, while UK’s Prime Minister Boris Johnson said that the UK would not allow imports of Russian crude, but it would allow coal and natural gas.

On the same note, Russia’s President Putin signed a decree restricting the import and export of specified goods and raw materials until December 31.

EUR/JPY overnight, the pair was range-bound in the 125.14-60 area before piercing the 126.00 mark on the Euro bond news. When North American traders got to their desks, the pair rallied above the 100-hour simple moving average (SMA)  to 126.72.

EUR/JPY Price Forecast: Technical outlook

EUR/JPY’s Tuesday’s jump near the bottom-trendline of a descending channel, the cross-currency pairs remain bearish biased. That said, the EUR/JPY first support would be the 126.00 mark. Breach of the latter would expose the January 18 low at 125.08. Once cleared, the next support would be the YTD low at 124.39, followed by crucial support levels. November 27 and 19, 2020, at 123.90 and 122.84, respectively.

EUR/JPY

Overview
Today last price 126.12
Today Daily Change 0.82
Today Daily Change % 0.65
Today daily open 125.3
 
Trends
Daily SMA20 129.75
Daily SMA50 130
Daily SMA100 129.95
Daily SMA200 130.21
 
Levels
Previous Daily High 125.96
Previous Daily Low 124.39
Previous Weekly High 129.78
Previous Weekly Low 125.07
Previous Monthly High 133.15
Previous Monthly Low 127.92
Daily Fibonacci 38.2% 124.99
Daily Fibonacci 61.8% 125.36
Daily Pivot Point S1 124.48
Daily Pivot Point S2 123.65
Daily Pivot Point S3 122.91
Daily Pivot Point R1 126.04
Daily Pivot Point R2 126.78
Daily Pivot Point R3 127.61

 

 

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