EUR/JPY turns negative under 129.00 from four-week highs

Euro's momentum fades after ECB spike.
Yen soars across the board amid a retreat in US yields.

Matías Salord FXStreet

The EUR/JPY peaked during the American session at 129.63, the highest level since November 19, following the European Central Bank meeting. During the last hour, it reversed sharply and dropped to 128.60, turning negative for the day amid a rally of the Japanese yen.

The JPY strengthened amid a decline in US yields. Despite Wednesday’s Fed signs about three potential rate hikes for 2022, Treasuries are up on Thursday. Over the last hours, the 10-year hit a fresh low at 1.42% and weighed on USD/JPY.

Earlier the ECB left interest rates unchanged and reduced its bond purchases, mostly in line with expectations. The euro rose moderately but then lost momentum.

Bullish but…

The EUR/JPY continues to move away from the recent low but the current reversal shows the recovery is bumpy. If the euro slides back under 128.30 it would weaken the short-term outlook. On the upside, EUR/JPY needs a daily close above 129.20 in order to clear the way to more gains.

Technical levels

EUR/JPY

Overview
Today last price	128.67
Today Daily Change	-0.06
Today Daily Change %	-0.05
Today daily open	128.73

Trends
Daily SMA20	128.48
Daily SMA50	130.25
Daily SMA100	129.84
Daily SMA200	130.54

Levels
Previous Daily High	128.8
Previous Daily Low	127.97
Previous Weekly High	129.11
Previous Weekly Low	127.52
Previous Monthly High	132.56
Previous Monthly Low	127.49
Daily Fibonacci 38.2%	128.48
Daily Fibonacci 61.8%	128.28
Daily Pivot Point S1	128.2
Daily Pivot Point S2	127.66
Daily Pivot Point S3	127.36
Daily Pivot Point R1	129.03
Daily Pivot Point R2	129.33
Daily Pivot Point R3	129.87

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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