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EUR/JPY chart - Trading View
Spot Analysis:
EUR/JPY was trading largely unchanged at 129.78 at around 08:40 GMT
Previous Week's High/ Low: 130.69/ 129.66
Previous Session's High/ Low: 130.27/ 129.68
Fundamental Overview:
The German economy ministry said that the country's GDP growth is likely to pick up significantly in Q3 following a 1.6% QoQ rise in the previous quarter.
The ministry further added that the GDP growth is expected to normalize in the fourth quarter.
ECB-led gains have likely fizzled out at 21-week EMA resistance. Uncertainty surrounding the German elections is weighing on the single currency.
Technical Analysis:
- EUR/JPY has formed an inverted hammer on Friday's trade
- The pair failed to extend break into the daily cloud
- Price action is pivotal at 200-DMA support, break below will plummet prices
- Recovery attempts rejected at 200H MA
- Stochs show bearish rollover from overbought levels
Major Support and Resistance Levels:
Support - 129.49 (200-DMA), Resistance - 130.04 (110-EMA)
Summary: EUR/JPY recovery from multi-month lows has been rejected at daily cloud. Bias has turned bearish. Watch out for break below 200-DMA for bearish continuation.
