Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
8 Jul 2023

EUR/JPY rejected at the 20-day, still set for further downside

  • On Friday, the EUR/JPY found support at the 155.40 area, near the 20-day SMA and then settled at 155.80
  • The JPY strengthen agains most of its rivals amid strong Labor Cash Earning data from Japan.
  • Eyes on German CPI data next Tuesday.

At the end of the week, the EUR/JPY traded with losses for a fourth consecutive day, falling to 155.40 and tallying a weekly loss of 1%. In that sense, strong labour market data from Japan made the JPY gain ground agains most of its rivals, including the USD,EUR,GPB and AUD.

During the early Asian Japan reported robust Labor Cash Earnings. The average income of regular employees in the country rose by 2.5% compared to the market's expectation of 0.7% year-on-year in May. As a reaction, the yields on the 2,5 and 10-year Japanese yields rose to their highest level since May and provide additional boost to the Yen.

As salaries in Japan seem to be rising, the Bank of Japan (BoJ) policy is on view as strong economic data can potentially make the central bank consider pivoting to a more contractive monetary policy.

On the other hand, according to the World Interest Rate Probability (WIRP), a 25 basis point (bps) hike is already priced in for July 27. Looking forward, the likelihood of another 25 basis point hike is approximately 60% by September 14 but becomes fully priced by October 26. For inventors to continue modelling their expectations, the German Consumer Price Index (CPI) to be released next week, will be looked upon.


EUR/JPY Levels to watch

The daily chart suggests that the bear’s time seems to have arrived.  The Relative Strength Index (RSI) shows a pronounced negative slope but in positive territory, while the Moving Average Convergence Divergence (MACD) prints higher red bars. However, on the bigger picture, the outlook favours the EUR as the bulls managed to defend the 20-day Simple Moving Average (SMA) and still holds above the 100 and 200-day averages.

Support levels: 155.57 (20-day SMA),154.30, 154.00.
Resistance levels: 156.50, 157.00, 158 (cycle-high).

 

EUR/JPY Daily chart

 

 

 

 

 

Jul 7, 2023

USD/MXN slumps below 17.2000 as Mexican inflation cools down, US NFP disappoints

The Mexican Peso (MXN) recovered some ground on Friday as soft data on the United States (US) triggered a US Dollar (USD) sell-off. Hence the USD/MXN
Read more Previous
Jul 10, 2023

AUD/USD kicks off the week on the front foot near 0.6700, China’s inflation eyed

AUD/USD is seeing a positive start to the key United States Consumer Price Index (CPI) week, as Aussie bulls cheer Friday’s sharp sell-off in the US D
Read more Next