EUR/JPY Price Analysis: Correction could extend below 157.00

EUR/JPY adds to Thursday’s strong pullback and tests 157.30.
Immediately to the downside comes the weekly low near 156.80.

Pablo Piovano FXStreet

Further selling pressure forces EUR/JPY to add to Thursday’s losses and print multi-day lows near 157.30 on Friday.

In case the downward bias picks up extra pace, the cross risks an initial drop to the minor support at the weekly low of 156.86 (August 23), which appears so far propped up by the provisional 55-day SMA (156.90).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 147.98

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	157.48
Today Daily Change	64
Today Daily Change %	-0.21
Today daily open	157.81

Trends
Daily SMA20	158.21
Daily SMA50	157.05
Daily SMA100	153.36
Daily SMA200	147.95

Levels
Previous Daily High	159.75
Previous Daily Low	157.62
Previous Weekly High	159.49
Previous Weekly Low	156.87
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	158.43
Daily Fibonacci 61.8%	158.93
Daily Pivot Point S1	157.03
Daily Pivot Point S2	156.26
Daily Pivot Point S3	154.9
Daily Pivot Point R1	159.16
Daily Pivot Point R2	160.52
Daily Pivot Point R3	161.3

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD edges lower below 1.3650, with eyes on US PCE data

GBP/USD trades with a negative bias below 1.3650 in the European session on Wednesday, eroding a part of the previous day's strong gains. The pair, however, remains within striking distance of a six-month top, set last Friday, as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index data for a fresh impetus.

EUR/USD holds lower ground near 1.1650 ahead of key US data

EUR/USD is holding lower ground toward 1.1650 in Wednesday's European session. The US Dollar is recovering modestly amid profit-taking and Middle East uncertainty. US inflation, tracked by the PCE, and another revision of Q2 GDP data should keep investors entertained on Wednesday.

Gold remains depressed below $4,650 on firmer USD; looks to US PCE for Fed rate outlook

Gold sticks to modest losses below $4,650 heading into the European session, though it lacks bearish conviction and remains confined within the previous day's broader range. The US Dollar regains positive traction amid some repositioning ahead of the US Personal Consumption Expenditures Price Index and is seen as weighing on the commodity. Adding to this, Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole Symposium on Friday might offer more cues about the interest rate path.

Dogecoin, Shiba Inu, Pepe: Profit-taking cools last week’s rally

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are losing their bullish momentum after last week’s double-digit gains. Facing downside pressure amid profit-taking, DOGE and PEPE risk further decline while SHIB holds at a support level.

America’s self‑inflicted trade wound

I’m conflicted about the trade war that the U.S. has started with Canada. Let’s be clear: any representation that Canada has been taking unfair advantage of the U.S. or that they have been treating us badly for years is a bogus characterization. In reality, the shoe is on the other foot. It’s the U.S. that has been behaving badly.

Canada hits US goods with tariffs; The rate market sees a problem

On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.