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Market News Analysis of EUR/JPY Price Advances Above The 156.00 Zone Following Japanese CPI

Analysis of EUR/JPY Price Advances Above The 156.00 Zone Following Japanese CPI

After the release of Japanese CPI data, EUR/JPY acquires momentum above the 156.00 region. EUR/JPY remains above the 100-hour and 200-hour exponential moving averages. At 156.90, the cross will encounter immediate resistance; 155.00 is a crucial support level.

TOP1 Markets Analyst

2023-07-21

7089

EUR:JPY.png

During the early Asian session on Friday, EUR/JPY obtains traction above the key 156.00 area. According to the 4-hour chart, the EUR/JPY continues to trade above the 100- and 200-hour Exponential Moving Averages (EMA), indicating that further gains appear likely.

The Japan Statistics Bureau reported that June's National Consumer Price Index (CPI) inflation increased from 3.2% to 3.3% year-over-year, as opposed to the 3.5% that was anticipated. Next week, the Japanese government is likely to maintain its ultra-lax monetary policy. As a result of these divergences in monetary policy, the Japanese Yen depreciated against its main competitors.

On the other hand, concerns about the economic slowdown in the Eurozone, which could deter the European Central Bank (ECB) from adopting a hawkish posture, could exert downward pressure on the Euro.

Consequently, the cross could reach the immediate resistance level of 156.90 (June 22 High). The region around 158.00 appears to be a formidable obstacle for EUR/JPY pair. This price represents a psychological round number and the year-to-date (YTD) peak. Any significant follow-through buying will result in a rally to the next round of level resistance at 159.00 and 160.00.

In contrast, any sustained weakness below 155.00 will threaten the initial support level of 154.60, which represents the 200-hour exponential moving average (EMA). Additional negative filters to monitor are 154.25 (Low of June 20) and 153.40 (Low of June 12). To the south, the cross will fall to 152.70 (June 15 Low).

The Relative Strength Index (RSI) is below 50 and in the bearish zone, indicating that sellers are likely to maintain control in the near future.