EUR/JPY remains under pressure below the 158.00 mark, German GDP, CPI eyed

EUR/USD trades in negative territory for the second consecutive day.
German Gross Domestic Product (GDP) for Q3 is expected to contract by 0.3% QoQ vs. 0.2% rise prior.
Some analysts speculate that the Bank of Japan (BoJ) may tweak its yield curve control (YCC) approach.
Traders will closely monitor the German GDP and CPI ahead of the BoJ policy meeting.

Lallalit Srijandorn FXStreet

The EUR/JPY cross loses traction below the 158.00 mark during the early European trading hours on Monday. That being said, the weaker-than-expected Eurozone economic data triggers the fear of recession in the Eurozone and exerts some selling pressure on the Euro (EUR) against the Japanese Yen (JPY). The cross currently trades around 157.80, down 0.20% for the day.

Market players await the German Gross Domestic Product (GDP) for the third quarter (Q3), which is estimated to contract 0.3% QoQ versus 0.2% expansion in the previous reading. The worse-than-expected data could drag the EUR lower as Germany is the largest economy in Europe.

On the JPY’s front, the Bank of Japan monetary policy meeting will be the highlight this week. Some speculate that the BoJ may tweak its yield curve control (YCC) approach. According to a Reuters poll, economists anticipate the BoJ will end its negative interest rate policy next year, with more now expecting the central bank to abandon its ultra-accommodative monetary policy.

Market players will monitor the German Gross Domestic Product (GDP) for the third quarter (Q3) due later on Monday in the European session. Also, the preliminary Spanish Consumer Price Index (CPI) for October and the German CPI will be released. The focus will shift to BoJ's monetary policy decision on Tuesday. This event might trigger volatility in the financial markets and give a clear direction to the EUR/JPY cross.

EUR/JPY

Overview
Today last price	157.89
Today Daily Change	-0.25
Today Daily Change %	-0.16
Today daily open	158.14

Trends
Daily SMA20	157.89
Daily SMA50	157.95
Daily SMA100	157.09
Daily SMA200	151.22

Levels
Previous Daily High	158.88
Previous Daily Low	157.88
Previous Weekly High	159.92
Previous Weekly Low	157.88
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	158.27
Daily Fibonacci 61.8%	158.5
Daily Pivot Point S1	157.72
Daily Pivot Point S2	157.3
Daily Pivot Point S3	156.72
Daily Pivot Point R1	158.72
Daily Pivot Point R2	159.3
Daily Pivot Point R3	159.72

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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