Forex Market: EUR/JPY daily trading forecast

Friday’s trade saw EUR/JPY within the range of 140.14-141.43. The pair closed at 140.35, losing 0.54% on a daily basis.

At 8:41 GMT today EUR/JPY was down 0.01% for the day to trade at 140.31. The pair touched a daily low at 140.03 at 5:30 GMT. Todays low has also been the lowest since October 31st 2014.


ECB easing

According to a person, who attended a meeting of the European Central Banks Governing Council last week, the banks staff have provided policy makers with models, including the purchasing of investment-grade assets at the amount of as much as 500 billion euros ($593 billion). Some of the options, presented to policy makers on January 7th, pointed to government bonds, including the purchases of only AAA rated debt or bonds rated at least BBB minus, Bloomberg reported.

Earlier in January the ECB President Mario Draghi stressed that measures should be taken against the risk of deflationary processes occurring, even if that risk is limited.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 140.64. In case EUR/JPY manages to breach the first resistance level at 141.14, it will probably continue up to test 141.93. In case the second key resistance is broken, the pair will probably attempt to advance to 142.43.

If EUR/JPY manages to breach the first key support at 139.85, it will probably continue to slide and test 139.35. With this second key support broken, the movement to the downside will probably continue to 138.56.

The mid-Pivot levels for today are as follows: M1 – 138.96, M2 – 139.60, M3 – 140.25, M4 – 140.89, M5 – 141.54, M6 – 142.18.

In weekly terms, the central pivot point is at 141.74. The three key resistance levels are as follows: R1 – 143.33, R2 – 146.32, R3 – 147.91. The three key support levels are: S1 – 138.75, S2 – 137.16, S3 – 134.17. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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