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EUR/JPY drops to daily lows, approaches 133.00

17 June 2021

EUR/JPY loses further ground and looks to test 133.00. The yen remains bid and weighs on the cross on Wednesday. The FOMC meeting will be the salient event later in the session. Further buying interest in the Japanese yen forces EUR/JPY to recede to the area of new 2-day lows near the 133.00 yardstick. After two consecutive sessions closing with gains, EUR/JPY meets some selling pressure on the back of the renewed demand for the safe haven yen.

Steady US yields coupled with the consolidative mood around the dollar and the European currency and rising cautiousness ahead of the FOMC event appear to have been lending fresh support to JPY, putting the cross under extra downside pressure at the same time.

In the calendar, Japanese trade deficit shrank to ¥187.1 billion in May, while Machinery Orders expanded 6.5% on a year to April. In the US, Building Permits contracted at a monthly 3% during last month (1.681M units) and Housing Starts expanded 3.6% from a month earlier (1.572M units).

Later, the Federal Reserve is seen sticking to the view that the recent pick-up in inflation is expected to be temporary, while the general tone is forecast to fall on the dovish side. Investors, however, will closely follow the updated “dots plots” and the Committee’s assessment on the economy.



EUR/JPY faces initial resistance at 131.08/36

Karen Jones, Team Head FICC Technical Analysis Research, noted that EUR/JPY is expected to meet initial resistance at 131.08 ahead of 131.36. No change...

29 Jul 2021

Next on the downside comes in the 200-day SMA

EUR/JPY extends the bearish move to sub-130.00 levels. Below 129.50 the focus of attention is on the 200-day SMA. EUR/JPY extends the weekly downtrend...

16 Jul 2021

EUR/JPY remains pressurized below 132.00 ahead of EU PMI data

EUR/JPY trades with initial gains on Monday in the Asian session. The Euro gains limited on mixed ECB views, despite strong economic data. Yen suffers...

5 Jul 2021

Solid support appears around 130.00

EUR/JPY rebounds from earlier lows in the 130.00 zone. The 50-day SMA around 132.00 emerges as the next hurdle. Following a drop to new 2-month lows...

21 Jun 2021

EUR/JPY challenges 133.00, or 2-week lows

Investors' sentiment slightly favours the dollar at the beginning of the week and motivates EUR/JPY to slip back to the 133.00 neighbourhood, or 2-week lows.

7 Jun 2021

EURJPY cools near 134.00 level but climb remains intact

EURJPY has hiked towards a 39 month high marginally overshooting the 134.00 handle. Although the pair's immediate bullish drive has vanished just short...

1 Jun 2021

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