The EUR/JPY cross loses traction to 166.65 during the Asian session on Monday. The cross reaches the intraday low of 166.36 after retracing from 171.60, the highest level since 2008. The downtick of the cross is supported by the speculation that the Bank of Japan (BoJ) might intervene in the foreign exchange (FX) market to prevent the Japanese Yen (JPY) from depreciation.
The Japanese policymakers warned in recent weeks that they will take the necessary steps to address excessive moves in the Yen if needed after the JPY weakens to a multi-decade low. The Japanese Yen recovers early Monday amid the likely FX intervention from the BoJ, but no official statement has been made thus far as it’s a holiday in Japan.
On the other hand, European Central Bank (ECB) policymakers noted that inflation in the Eurozone is cooling down and that the ECB is still likely to begin lowering its deposit rate from a record-high 4% in June. However, investors will take more cues from the incoming inflation data. The first reading of the German Consumer Price Index (CPI) will be due on Monday. On Wednesday, the Eurozone Gross Domestic Product (GDP) for Q1 and the Harmonized Index of Consumer Prices (HICP) will be released. If the reports show a hotter-than-expected outcome, this might lift the Euro (EUR) and cap the downside of the EUR/JPY cross.
Overview | |
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Today last price | 167.68 |
Today Daily Change | -1.65 |
Today Daily Change % | -0.97 |
Today daily open | 169.33 |
Trends | |
---|---|
Daily SMA20 | 164.81 |
Daily SMA50 | 163.61 |
Daily SMA100 | 161.2 |
Daily SMA200 | 159.96 |
Levels | |
---|---|
Previous Daily High | 169.4 |
Previous Daily Low | 166.48 |
Previous Weekly High | 169.4 |
Previous Weekly Low | 164.4 |
Previous Monthly High | 165.36 |
Previous Monthly Low | 160.22 |
Daily Fibonacci 38.2% | 168.28 |
Daily Fibonacci 61.8% | 167.59 |
Daily Pivot Point S1 | 167.41 |
Daily Pivot Point S2 | 165.48 |
Daily Pivot Point S3 | 164.48 |
Daily Pivot Point R1 | 170.33 |
Daily Pivot Point R2 | 171.33 |
Daily Pivot Point R3 | 173.25 |
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