EUR/JPY Price Analysis: Strong momentum points to extra gains

EUR/JPY clinches fresh tops near the 148.00 mark
Immediately to the upside emerges the 2022 high at 148.40.

Pablo Piovano FXStreet

EUR/JPY adds to Tuesday’s advance and approaches the key 148.00 region on Wednesday.

Considering the ongoing price action, further gains in the cross remain in store for the time being. That said, the continuation of the upside momentum could extend further and challenge the 2022 peak at 148.40 (October 21) sooner rather than later.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.16.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	147.5
Today Daily Change	83
Today Daily Change %	0.24
Today daily open	147.15

Trends
Daily SMA20	144.31
Daily SMA50	143.59
Daily SMA100	142.63
Daily SMA200	142.15

Levels
Previous Daily High	147.38
Previous Daily Low	146.73
Previous Weekly High	147.16
Previous Weekly Low	143.8
Previous Monthly High	145.67
Previous Monthly Low	138.83
Daily Fibonacci 38.2%	147.13
Daily Fibonacci 61.8%	146.98
Daily Pivot Point S1	146.79
Daily Pivot Point S2	146.43
Daily Pivot Point S3	146.14
Daily Pivot Point R1	147.45
Daily Pivot Point R2	147.74
Daily Pivot Point R3	148.1

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 consolidates above 0.7200 after hot Chinese CPI data

AUD/USD is extending its consolidative price action above 0.7200 during the Asian session on Wednesday, uninspired by hot Chinese CPI and PPI data. Meanwhile, rising RBA rate-hike bets act as a tailwind for the Aussie amid Yen-inspired US Dollar weakness. Traders await the release of US inflation figures later in the week for fresh impetus.

USD/JPY stays weak near 153.50 amid aggressive BoJ hike bets

USD/JPY attracts fresh sellers in the Asian session on Wednesday as the strong Reuters Tankan business survey adds to the case for continued BoJ policy normalisation and boosts the Japanese Yen. This, along with a broadly weaker US Dollar, keeps the pair close to a nearly seven-month low set on Tuesday.

Gold rebounds from $4,350; will it last?

Gold is rebounding from a one-week low near $4,350 in the Asian session on Wednesday. The US Dollar, however, struggles to lure buyers amid a rallying Yen, supporting the commodity as traders await the key US inflation data for a fresh impetus. However, the rebound could be short-lived amid expectations of a Fed rate hike this month.

Inflation risks keep interest rates high

The ongoing conflict in the Middle East and resulting disruptions in the energy markets are driving up inflation expectations and keeping upward pressure on bond yields high. In the Eurozone, heightened inflation risks and robust growth in economic demand point to another ECB rate hike to 2.5% in September.

Gold and stocks: What eight midterm elections did

I went back through every midterm election since 1994 and asked one question of each: when did the stock market make its low for the year, before the vote or after it? In seven of the eight cycles, the low came before the election. In six of the eight, it came between mid-June and mid-October, which is to say in the exact window that the "they won't let it fall" argument says is protected.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.