- The shared currency falls 0.59% against the Japanese yen.
- The conflict between Ukraine and Russia weighs heavily on the euro.
The falls of EUR/JPY for the third time in the week they show the currency’s shared exposure to the Ukraine-Russia conflict, and although Wednesday hit a yearly low at 127.30, bounced back and finished near 128.24, today’s price action erased those gains. At 127.65, EUR/JPY looks to end the week with losses.
The market mood in the financial markets is mixed. European stock indices ended the session with losses, and US stock indices maintained the sentiment, although they improved slightly as Wall Street closed. In the FX space, the JPY is up 0.4% so far in the pack of major pairs, while the EUR is the weakest, down 0.52%.
EUR/JPY Price Forecast: Technical Outlook
On Thursday, EUR/JPY hovered around the daily pivot point during the Asia Pacific session, largely unchanged. The European session continued but the pair tumbled as US traders hit their desks.
EUR/JPY trimmed yesterday’s gains and looks to extend the downtrend further. It is worth noting that the daily moving averages (DMAs) above price reside in a tight range and are about to flip from a bullish to a bearish order, where the shorter time frames would be low. the longest time frame.
EUR/JPY bias is neutral to the downside. Failure to stay above the Jan 26 low at 128.24 exacerbated the break of 128.00. That said, the first support for the EUR/JPY would be on Dec 20, 2021, with a low of 127.51. Having broken down from that level, the next line of defense for the EUR/JPY would be 127.00, a new yearly low once reached.
Additional technical levels
EUR/JPY
| Panorama | |
|---|---|
| Last Price Today | 127.73 |
| Today’s Daily Change | -0.82 |
| Today’s Daily Change % | -0.64 |
| Today’s Daily Opening | 128.55 |
| Trends | |
|---|---|
| 20 Daily SMA | 130.58 |
| 50 Daily SMA | 130.21 |
| 100 Daily SMA | 130.14 |
| 200 Daily SMA | 130.32 |
| levels | |
|---|---|
| Previous Daily High | 128.78 |
| Previous Daily Minimum | 127.3 |
| Previous Maximum Weekly | 130.91 |
| Previous Weekly Minimum | 127.92 |
| Monthly Prior Maximum | 133.15 |
| Previous Monthly Minimum | 127.92 |
| Daily Fibonacci 38.2% | 128.21 |
| Daily Fibonacci 61.8% | 127.86 |
| Daily Pivot Point S1 | 127.64 |
| Daily Pivot Point S2 | 126.73 |
| Daily Pivot Point S3 | 126.16 |
| Daily Pivot Point R1 | 129.12 |
| Daily Pivot Point R2 | 129.69 |
| Daily Pivot Point R3 | 130.59 |
Source: Fx Street
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