EUR/JPY Price Analysis: Choppy moves in this pair

EUR/JPY trades 1.12% higher has EUR/USD buying droves price.
The pair has found some support 118.50 and pushed back through 120.00.

Rajan Dhall, MSTA FX Daily

EUR/JPY Daily Chart

EUR/JPY price action has been erratic, to say the least.

Yesterday the candle was very very bearish and hit a low of 118.37.

Today the whole move has reversed back up and broke 120.00 to the upside.

The area blue rectangle is now even more important as the wave low support.

On the topside, a break of the red trendline could indicate more bullishness to test the 122.50 area.

One other thing to notice is the fact that the support level was on the 61.8% Fibonacci level which is often key in this pair.

Additional Levels

EUR/JPY

Overview
Today last price	120.45
Today Daily Change	1.37
Today Daily Change %	1.15
Today daily open	119.08

Trends
Daily SMA20	120.01
Daily SMA50	120.86
Daily SMA100	120.76
Daily SMA200	120.32

Levels
Previous Daily High	120.76
Previous Daily Low	118.38
Previous Weekly High	121.07
Previous Weekly Low	118.38
Previous Monthly High	121.4
Previous Monthly Low	118.38
Daily Fibonacci 38.2%	119.29
Daily Fibonacci 61.8%	119.85
Daily Pivot Point S1	118.06
Daily Pivot Point S2	117.03
Daily Pivot Point S3	115.68
Daily Pivot Point R1	120.43
Daily Pivot Point R2	121.78
Daily Pivot Point R3	122.81

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.