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    EUR/JPY holds below 164.00 amid BoJ intervention fears

    Source Fxstreet
    Mar 28, 2024 05:06
    • EUR/JPY trades on a softer note around 163.75 in Thursday’s early European session. 
    • The verbal intervention from Japanese authorities provides some support to the JPY. 
    • ECB’s Stoumaras said there is a growing consensus for a rate cut in June. 
    • The German February Retail Sales data will be due later on Thursday. 

    The EUR/JPY cross trades with a mild negative bias around 163.75 during the early European session on Thursday. The cross edges lower amid the fear of foreign exchange intervention from the Japanese authorities.  

    On Thursday, Japan’s Chief Cabinet Secretary Yishimasa Hayashi said that he will not rule out any options against excessive foreign exchange moves and will closely watch it. This verbal intervention complied with top currency diplomat Masato Kanda statement that he will react to the disorderly FX moves. The fear of FX intervention from Japanese authorities might support the Japanese Yen (JPY) and limit the upside of the EUR/JPY cross in the near term. 

    On the Euro front, the growing speculation that the European Central Bank (ECB) will cut the interest rate in June acts as a headwind for the Euro (EUR) against the JPY. On Tuesday, ECB official Yannis Stoumaras said that there is a higher chance for a June rate cut, while Bank of Italy Governor Fabio Panetta said on Monday that the ECB is moving towards an interest rate cut as inflation is easing rapidly and approaching the 2% target. 

    Looking ahead, traders will monitor German Retail Sales data, which is estimated to drop 0.8% YoY in February. Also, the German Unemployment Change and Italian Producer Price Index (PPI) will be released. On Friday, market players will turn their focus to the Tokyo Consumer Price Index (CPI) for March. In the case of the stronger-than-expected data, this could lift the JPY against the EUR. 

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    EUR/JPY

    Overview
    Today last price 163.77
    Today Daily Change 0.01
    Today Daily Change % 0.01
    Today daily open 163.76
     
    Trends
    Daily SMA20 162.78
    Daily SMA50 161.79
    Daily SMA100 160.48
    Daily SMA200 159.05
     
    Levels
    Previous Daily High 164.42
    Previous Daily Low 163.44
    Previous Weekly High 165.36
    Previous Weekly Low 161.95
    Previous Monthly High 163.72
    Previous Monthly Low 158.08
    Daily Fibonacci 38.2% 163.81
    Daily Fibonacci 61.8% 164.05
    Daily Pivot Point S1 163.32
    Daily Pivot Point S2 162.89
    Daily Pivot Point S3 162.34
    Daily Pivot Point R1 164.3
    Daily Pivot Point R2 164.85
    Daily Pivot Point R3 165.28

     





     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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