• 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.

EUR/JPY

Overview
Today last price 129.29
Today Daily Change 0.01
Today Daily Change % 0.01
Today daily open 129.28
 
Trends
Daily SMA20 130.64
Daily SMA50 130.52
Daily SMA100 130.11
Daily SMA200 130.58
 
Levels
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

 

 

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