EUR/JPY recovers losses on possible Japanese intervention, trades around 164.10

EUR/JPY gains ground as a possibility of market intervention by Japanese authorities.
Japan’s Suzuki does not rule out responding to disorderly FX movements.
The Euro may encounter pressure on the expectation of the ECB’s rate cut in June.

Akhtar Faruqui FXStreet

EUR/JPY moves back and forth with a negative tone as the Japanese Yen (JPY) is under selling pressure following the dovish tone of the Bank of Japan (BoJ). The EUR/JPY cross recovers intraday losses and trades around 164.10 during the Asian trading hours on Wednesday.

However, the Japanese Yen has gained some ground after the comments made by the Japanese Finance Minister Shunichi Suzuki. Suzuki stated that he closely monitors foreign exchange (FX) movements with a high sense of urgency and is not ruling out any steps, including "decisive steps," to respond to disorderly FX movements. Additionally, BoJ Governor Kazuo Ueda mentioned on Wednesday that household sentiment is improving due to expectations of wage hikes.

The Euro may encounter downward pressure amid increasing speculation for a rate cut by the European Central Bank (ECB) in June. ECB policymaker Madis Muller stated on Tuesday that the central bank is nearing a point where rate cuts could commence. Additionally, ECB official Yannis Stoumaras remarked that there is consensus for a rate cut in June.

Traders will likely monitor speeches from ECB Chief Economist Philip Lane and ECB Executive Board member Piero Cipollone on Wednesday, in addition to the European Commission’s Business Climate and Consumer Confidence data for March.

EUR/JPY

Overview
Today last price	164.15
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	164.16

Trends
Daily SMA20	162.76
Daily SMA50	161.74
Daily SMA100	160.46
Daily SMA200	159.01

Levels
Previous Daily High	164.41
Previous Daily Low	163.96
Previous Weekly High	165.36
Previous Weekly Low	161.95
Previous Monthly High	163.72
Previous Monthly Low	158.08
Daily Fibonacci 38.2%	164.24
Daily Fibonacci 61.8%	164.13
Daily Pivot Point S1	163.94
Daily Pivot Point S2	163.73
Daily Pivot Point S3	163.5
Daily Pivot Point R1	164.39
Daily Pivot Point R2	164.62
Daily Pivot Point R3	164.84

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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