- EUR/JPY is range-bound as the Asian session begins, within the 129.20-52 range.
- EUR/JPY has a downward bias, but a daily close below Thursday’s low at 129.19 would expose the 128.00 figure.
The EUR/JPY is flat as the Asian Pacific session begins, is trading at 129.19 during the day at the time of writing. On Thursday, during the overnight session, the EUR/JPY remained in a choppy trading range, within the 129.20-52 range, as the market is headed towards a thin liquidity session In the observance of the US Thanksgiving.
At press time, the market sentiment is a mixed bag. Asian equity futures fluctuate between gainers and losers, while European and US stock futures rise.
The Japanese economic docket featured the Coincident Index and the Leading Economic Index, both readings for September. The Coincident Index rose to 88.7, higher than the 87.5 foreseen, while the Leading Economic Index increased to 100.9, higher than 99.7, estimations.
Concerning the Eurozone economic docket, the Gfk Consumer Confidence Survey for December contracted more than the foreseen, dropping to 1.6, lower than the 0.5. In the meantime, the German Gross Domestic Product for the Q3 rose by 1.7%, a tick lower than the 1.8% estimated.
That said, the EUR/JPY pair would lean on market sentiment, as long as the monetary policy between the European Central Bank (ECB) and the Bank of Japan (BoJ) converges. On the other hand, if the ECB moves towards a more neutral stance, the EUR would be favored by flows, as it would be viewed as a hawkish signal for investors.
EUR/JPY Price Forecast: Technical outlook
The EUR/JPY pair has a bearish bias, confirmed by the daily moving averages (DMA’s), which have a downslope, and remain above the spot price. Furthermore, the Relative Strength Index (RSI) at 40 flattish suggests EUR/JPY bears are taking a breather, before resuming the downtrend.
In that outcome, the first demand area would be the November 24 cycle low at 128.68, followed by the October 6 swing low at 128.33, and then the November 19 low at 127.97.
|Today last price||129.29|
|Today Daily Change||0.01|
|Today Daily Change %||0.01|
|Today daily open||129.28|
|Previous Daily High||129.58|
|Previous Daily Low||128.69|
|Previous Weekly High||130.6|
|Previous Weekly Low||127.98|
|Previous Monthly High||133.48|
|Previous Monthly Low||128.34|
|Daily Fibonacci 38.2%||129.03|
|Daily Fibonacci 61.8%||129.24|
|Daily Pivot Point S1||128.79|
|Daily Pivot Point S2||128.3|
|Daily Pivot Point S3||127.9|
|Daily Pivot Point R1||129.67|
|Daily Pivot Point R2||130.07|
|Daily Pivot Point R3||130.56|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.