EUR/JPY surges due to fundamentals

Note: This section contains information in English only.
Source: Dukascopy Bank SA


This morning, at 09:00 GMT, the higher than expected Euro Zone Consumer Price Index Estimate caused a reversal of an ongoing decline of the Euro against peer currencies. The markets took in high inflation as a reason for the European Central Bank to be more hawkish and reduce the supply of the Euro more than previously planned.

Afterwards, as the news spread and a surge was ongoing, it was boosted by Goldman Sachs. Around 14:00 GMT, the bank announced and spread through news agencies information that it expects the European Central Bank to hike its base interest rates by 0.75% instead of the previously expected 0.50%.

The EUR/JPY currency pair moved above the resistance of the weekly R2 simple pivot point and the 139.50 mark. A continuation of the surge might encounter resistance in the 140.00 and 140.50 levels, prior to reaching the weekly R3 simple pivot point. On the other hand, a decline of the Euro against the Yen could look for support in the passed weekly R2, the 139.00 mark and the approaching 50-hour simple moving average.
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Wed, 31 Aug 2022 17:00:48 GMT

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