EUR/JPY hits fifteen-year high, 164.00 on deck
|- The EUR/JPY is trading into its highest bids since 2008, inches away from 164.00.
- A rebound in broad market sentiment is sending safe havens firmly lower on Tuesday.
- Up Next: Japan GDP in early Wednesday session.
The EUR/JPY has hit its highest prices since 2008, a fifteen-year high for the pair as the safe haven Japanese Yen (JPY) falls back against the Euro (EUR). A broad market recovery in risk appetite fueled by a worse-than-expected US Consumer Price Index (CPI) printing is giving investors renewed hopes that inflation could be receding faster than the Federal Reserve (Fed) expects, meaning the US central bank could be pushed towards rate cuts sooner than expected.
Pan-EU Gross Domestic Product (GDP) printed exactly as expected early Tuesday, with the quarter-on-quarter figure coming in at -0.1%. The annualized number printed steady at 0.1%.
The ZEW Economic Sentiment Survey for November improved appreciably, printing at 13.8 against October's 2.3.
The early Wednesday trading session sees Japanese GDP figures, and the QoQ figure is expected to decline from 1.2% to a -0.1% contraction.
Japanese Yen price today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the weakest against the New Zealand Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -1.57% | -1.68% | -0.68% | -1.86% | -0.74% | -1.96% | -1.32% | |
| EUR | 1.55% | -0.11% | 0.88% | -0.28% | 0.82% | -0.38% | 0.25% | |
| GBP | 1.65% | 0.10% | 0.98% | -0.18% | 0.92% | -0.29% | 0.36% | |
| CAD | 0.66% | -0.90% | -1.01% | -1.18% | -0.09% | -1.29% | -0.63% | |
| AUD | 1.83% | 0.27% | 0.17% | 1.16% | 1.09% | -0.11% | 0.53% | |
| JPY | 0.74% | -0.82% | -0.92% | 0.07% | -1.11% | -1.19% | -0.57% | |
| NZD | 1.93% | 0.38% | 0.28% | 1.29% | 0.12% | 1.18% | 0.62% | |
| CHF | 1.30% | -0.25% | -0.36% | 0.65% | -0.52% | 0.57% | -0.64% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
EUR/JPY Technical Outlook
The Euro has extended a rally against the Yen, closing in the green for nine of the past eleven consecutive trading days. The EUR/JPY is now set for a challenge of the 164.00 major handle.
The EUR's latest bull run has seen the pair climb further away from the 50-day Simple Moving Average (SMA) currently lifting from the 158.00 handle, while long-term support is coming from the 200-day SMA near 152.00, far below current price action.
EUR/JPY Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.