EUR/JPY Price Analysis: Corrective downside could extend to 130.00

EUR/JPY struggles for direction amidst a broader leg lower.
Next on the downside comes in the 130.00 neighbourhood.

Pablo Piovano FXStreet

EUR/JPY looks for direction amidst a negative start of the new month, meeting initial support around 131.00 for the time being.

The ongoing leg lower is seen as corrective only and carries the potential to extend to the 130.00 zone, where converge the 50-day SMA and the immediate support line (off the March’s low).

This area should hold the downside and prompt some reversion.

In the broader picture, while above the 200-day SMA at 126.37 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.28
Today Daily Change	47
Today Daily Change %	-0.08
Today daily open	131.39

Trends
Daily SMA20	130.68
Daily SMA50	129.93
Daily SMA100	128.27
Daily SMA200	126.4

Levels
Previous Daily High	131.64
Previous Daily Low	131.15
Previous Weekly High	132.37
Previous Weekly Low	130.21
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	131.33
Daily Fibonacci 61.8%	131.45
Daily Pivot Point S1	131.15
Daily Pivot Point S2	130.9
Daily Pivot Point S3	130.65
Daily Pivot Point R1	131.64
Daily Pivot Point R2	131.89
Daily Pivot Point R3	132.14

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.

AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold sticks to intraday losses below $4,050 as USD retains bullish bias ahead of FOMC

Gold remains offered below $4,050 during Wednesday's early European session, snapping a two-day winning streak ahead of the key central bank event. The US Federal Reserve is scheduled to announce its policy decision later today and is widely expected to keep rates unchanged. Meanwhile, the focus will remain on the accompanying monetary policy statement and Fed Chair Kevin Warsh's comments during the post-meeting press conference.

Zcash's bullish momentum mounts on steady ETF inflows, retail confidence

Zcash extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday.

BoC expected to raise interest rates to 2.50%

The Bank of Canada is expected to raise its benchmark interest rate by 25 basis points to 2.50% on Wednesday, as persistent inflation concerns put pressure on policymakers to tighten monetary policy despite growing signs of economic weakness. According to a Reuters poll, 19 of 34 economists anticipate a rate hike, which would mark the central bank's first increase since July 2023.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.