EUR/JPY Price Analysis: Extra gains target the 143.00 zone

EUR/JPY extends the weekly recovery past the 141.00 barrier.
The continuation of the rebound should target the 143.00 region.

Pablo Piovano FXStreet

EUR/JPY reverses Thursday’s pullback and regains the 141.00 mark and beyond at the end of the week.

In light of the ongoing price action, further upside could not be ruled out in the ear term. That said, the immediate target emerges at the weekly high at 142.93 (December 28), which appears underpinned by the vicinity of the 100-day SMA.

The outlook for EUR/JPY is expected to shift to constructive while above the 200-day SMA, today at 140.52.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	141.16
Today Daily Change	122
Today Daily Change %	0.61
Today daily open	140.31

Trends
Daily SMA20	142.13
Daily SMA50	143.68
Daily SMA100	142.89
Daily SMA200	140.53

Levels
Previous Daily High	141.37
Previous Daily Low	139.97
Previous Weekly High	142.94
Previous Weekly Low	140
Previous Monthly High	146.73
Previous Monthly Low	138.8
Daily Fibonacci 38.2%	140.5
Daily Fibonacci 61.8%	140.83
Daily Pivot Point S1	139.73
Daily Pivot Point S2	139.15
Daily Pivot Point S3	138.33
Daily Pivot Point R1	141.13
Daily Pivot Point R2	141.95
Daily Pivot Point R3	142.53

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.

EUR/USD breaks below 1.1800, two-week lows

EUR/USD’s selling pressure is gathering pace now, breaching below the key 1.1800 yardstick to hit new two-week troughs on Wednesday. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and ahead of the publication of the FOMC Minutes.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

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.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.