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Market News The Bears Are In The Lead On The EUR/JPY Price But Are Losing Momentum At Approximately 158.30s

The Bears Are In The Lead On The EUR/JPY Price But Are Losing Momentum At Approximately 158.30s

Eight days down, the EUR/JPY remains atop the Ichimoku Cloud; the weakness of the yen mitigates potential adverse momentum. Isabel Schnabel of the ECB greets inflation data and anticipates future rate cuts, which is in contrast to the position taken by the US Federal Reserve.

TOP1 Markets Analyst

2023-12-07

10431

Although the EUR/JPY remains above the Ichimoku Cloud (Kumo), it has declined for the eighth consecutive day on Wednesday. This could be interpreted as evidence that the downtrend, which could be attributed to the general weakness of the Japanese Yen (JPY) on the day. As of the moment of composition, the EUR/JPY is trading at 158.68, following its peak of the day at 159.12.

The fundamental bias has shifted since yesterday's remarks by Isabel Schnabel, a member of the European Central Bank (ECB), in which she praised inflation data, describing the CPI for November as "a very pleasant surprise." Since then, the ECB has increased the frequency of its rate cuts, with market participants observing the ECB reduce rates prior to the US Federal Reserve.

Consequently, the EUR/JPY daily chart has indicated some Euro (EUR) weakness; however, despite a feeble Yen, the pair has thus far been unable to gain traction. Nonetheless, at approximately 158.38, the duo collided with the summit of the Kumo, and at 158.70, they stabilised.

Bears must reclaim 158.38 in order to recommence adverse sentiment; doing so would enable them to push the spot price towards the 157.61 low of the Kumo. At 157.13, a breach of the latter will reveal a five-month-old upslope support trendline. Further declines are anticipated below that level, at the low of 154.34 on October 3.

Alternatively, purchasers may maintain an optimistic outlook regarding price increases if they maintain their bids above the peak of the Kumo. The initial psychological barrier would be 159.00, which would be succeeded by the December 5 high of 159.72.