The EURJPY is a pair that has seen some movement today. The pair dipped below the 200 hourly moving average during Asian trading as the yen gained ground on speculation that the Japanese government may reinvigorate the BoJ’s mandate and inflation target in early 2023. However, the pair has since slowly recovered and gained momentum at the start of European trading after ECB member De Guindos said the European Central Bank would stick to bullish hikes. rates by 50 basis points and that he did not know when the rate hikes would stop, reinforcing warmongering. message sent by President Lagarde during a post-meeting press conference. Germany’s IFO indices at 9:00 GMT also supported the euro as they beat expectations. The current conditions index rose from 93.1 to 94.4 (exp. 93.5) while the expectations index rose from 80.0 to 83.2 (exp. 82.0).
Looking at the pair at the H1 interval, we can see that the pair recovered from a dip below the 200 hourly moving average (purple line) and climbed back above a price zone marked with a 38.2% retracement. From a technical standpoint, it should be noted that the pair has made the biggest correction yet in the current bullish impulse. This means that according to the Overbalance methodology, the short-term trend has reversed to bearish. The nearest major resistance area to watch is above 145.00.
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EURJPY erases daily declines after IFO data and de Guindos comments
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