EURJPY fell last week following Mario Draghi’s reiteration of the ECB’s commitment to lose monetary policy. How does it trade today? Look into the 30 January EURJPY Fundamental Outlook for the answer.
30 January, GKFX – EUR/JPY fell to ¥134.35 before bouncing to consolidate around ¥134.90; price is currently drifting lower as Tokyo opens to mixed Japanese data, crossing below ¥134.80.
30 January EURJPY Fundamental Outlook
- EUR/JPY drops following Tokyo open
- JPY retail trade data positive, employment figures disappoint
Japanese unemployment failed to meet analyst expectations, growing to 2.8% instead of remaining flat at 2.7%. Annual household spending for the period ending December also surprised to the downside, printing at -0.1% instead of holding steady at 1.7%. Various retail trade indicators came out positive, but these positive figures were already made apparent following the Bank of Japan (BoJ)’s CPI report from the previous week.
EUR still down following Draghi, CPI data to come
EUR/JPY fell last week following Mario Draghi’s reiteration of the European Central Bank (ECB)’s commitment to losing monetary policy looking forward as Europe’s central bank continues to watch for signs of improved economic growth.
Eyes will be set on 4th quarter European CPI data scheduled for 10:00 pm GMT, as traders look for positive inflation figures to spur the ECB to begin tapering their purchasing programs following comments from the ECB’s Klaas Knot over the weekend, who stated that the ECB’s QE program must end “as soon as possible”.
EUR/JPY Technical Levels
Swing support/resistance levels for intraday traders are priced at ¥134.35 and ¥135.25 respectively, with intraday resistance at the ¥135.00 psychological level.
This article 30 January EURJPY Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.