EUR/JPY Price Analysis: The 131.00 area holds the initial test

EUR/JPY manages to regain upside traction beyond 131.00.
The leg lower met decent contention in the 131.00 neighbourhood.

Pablo Piovano FXStreet

EUR/JPY regains the smile and the buying interest and advances further north. Of the 131.00 mark on Thursday.

While the recent leg lower is seen as corrective only, some decent contention appears to have emerged around 131.00 for the time being. A breach of this area carries the potential to extend the leg lower 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 126.41 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.4
Today Daily Change	60
Today Daily Change %	0.21
Today daily open	131.13

Trends
Daily SMA20	130.72
Daily SMA50	129.98
Daily SMA100	128.32
Daily SMA200	126.44

Levels
Previous Daily High	131.46
Previous Daily Low	130.98
Previous Weekly High	132.37
Previous Weekly Low	130.21
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	131.16
Daily Fibonacci 61.8%	131.28
Daily Pivot Point S1	130.92
Daily Pivot Point S2	130.71
Daily Pivot Point S3	130.44
Daily Pivot Point R1	131.4
Daily Pivot Point R2	131.67
Daily Pivot Point R3	131.88

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 weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.