EUR/JPY (week of 16-20/01)

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EUR/JPY

Weekly Summary

Euro-Yen is trading around 140.67 after ending the previous session at zero (up 0%) .

A good end to the trading week, EUR/JPY is up to 140.67, after closing yesterday at zero. Overall, a 0% move or 14,067 pips this week. (Start trading Euro-Yen at FXTM today).

Meanwhile, Euro Zone Consumer Price Index released Wednesday with a figure of 9.2%, while the previous figure was 10.1%. Germany ZEW Economic Sentiment Index came out at 16.9, while a consensus of analysts was expecting -15. Euro Zone CFTC EUR speculative net positions came out at 127,000. Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -23,000, while the previous figure was -35,400. Germany Producer Price Index beat analyst expectations of -1.2% and the previous reading of -3.9% with new data of -0.4%.

Furthermore, the market is looking at Germany Business Climate Index is projected to outperform its last figure with 90.2. It previously stood at 88.6; data will be released Wednesday.

Also worthy of note, Euro Zone ECB President Lagarde speech is scheduled Monday. Japan Tokyo Core CPI (YoY) (Jan) is expected Thursday.

Jan. 20, 2023

Strong sentiment sees Euro-Yen posting 1.15% gain

(23:18) GMT

Tentatively higher from an earlier low of 139, Euro-Yen is up to 140.67 today, adding 160 pips, or 1.15%, to yesterday's closing price of 139.07.

At the same time, Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 127,000, while the previous figure was 135,000. Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -23,000, while the previous figure was -35,400. Germany Producer Price Index beat analyst expectations of -1.2% and the previous reading of -3.9% with new data of -0.4%.

EUR/JPY made an initial breakout above its 21 day Simple Moving Average at 140.02, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 140.03 by around 64 pips with prices hammering out a 139 – 141.19 session range. Despite this, after reaching the known resistance zone beginning at 141.05, Euro-Yen price action retreated approximately 37 pips.

Overall, looking at the technical analysis landscape, it seems Euro-Yen might continue pointing upwards in the short term.

Elsewhere, other currency pairs are also gaining ground as USD/JPY gained 0.89% and is currently trading at 129.54.

While Euro-Yen is up today, these currencies are lagging behind: GBP/NZD crashes 1.1% to trade around 1.915. EUR/NZD is down to 1.6768, losing 162 pips, after closing at 1.6931 in the preceding trading session.

Having set a peak of 147.48 around 2 months ago, Euro-Yen is now trading 5.7% below this level.

Some social media takeaways for Euro-Yen: