EUR/JPY Price Analysis: Next on the upside comes in 125.00

EUR/JPY keeps pushing higher and extends the rebound further.
Interim hurdle aligns at the 55-day SMA near 124.70.

Pablo Piovano FXStreet

EUR/JPY extends further the bounce off last week’s lows in the 123.00 neighbourhood on the back of improved mood in the risk universe.

If the buying pressure gathers extra traction, then the cross is expected to meet an interim barrier in the 124.70/75 band, where sits the 55-day SMA ahead of the more relevant monthly tops in the 125.00 zone (October 9).

In the meantime, while above the 200-day SMA at1 121.08, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	124.38
Today Daily Change	58
Today Daily Change %	0.23
Today daily open	124.1

Trends
Daily SMA20	123.77
Daily SMA50	124.73
Daily SMA100	123.47
Daily SMA200	121.1

Levels
Previous Daily High	124.34
Previous Daily Low	123.33
Previous Weekly High	125.02
Previous Weekly Low	123.02
Previous Monthly High	127.08
Previous Monthly Low	122.38
Daily Fibonacci 38.2%	123.96
Daily Fibonacci 61.8%	123.72
Daily Pivot Point S1	123.51
Daily Pivot Point S2	122.92
Daily Pivot Point S3	122.5
Daily Pivot Point R1	124.52
Daily Pivot Point R2	124.93
Daily Pivot Point R3	125.52

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 onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.