- The yen remains strong throughout the market driven by the decline in USD / JPY.
- EUR / JPY returns to the 20-day average.
The EUR / JPY is falling again weakened by the rise of the yen throughout the market. The price of the cross is at 123.27, supported by the 20-day moving average and at the lowest level since November 9.
The EUR / JPY outlook remains bearish and the next strong support looms at 123.10. The price is again below key moving averages, showing a strong retracement after hitting the 125.00 barrier nine days ago.
In the last days EUR / JPY accelerated the decline despite the rise of EUR / USD, which shows the strength of the yen in the market. This can also attract attention as stocks have not registered any sharp drops. You may be showing some caution in the forex market or the expectation of lower interest rates in the future.
Regarding data, on Tuesday it was known that inflation in the Eurozone rose 0.2% in October, above the expected increase of 0.1%. The annual rate remained at -0.3%. In the US, the figures for housing starts and building permits will be known. Among the speeches of the day, Charles Evans (Chicago Fed) and John Williams (New York Fed) stand out.
Technical levels
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