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EUR/GBP tops out while EUR/JPY, USD/JPY range trade ahead of BoJ rate decision​

​​​EUR/GBP tops out while EUR/JPY, USD/JPY range trade ahead of Friday’s BoJ rate decision at which a 25 basis point rate hike is priced in with a 88% probability.​​

Forex Source: Adobe images
Forex Shares Japanese yen USD/JPY EUR/JPY EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/GBP tops out

EUR/GBP is seen gradually coming off Monday's £0.8473 high, made marginally below the 24 June 2024 £0.8478 high. This area is likely to at least short-term cap. If not, the £0.8500 region might be next in line.

​Support above the 200-day simple moving average (SMA) at £0.8420 can be spotted at the £0.8434 early October high.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​EUR/JPY remains bid

EUR/JPY flirts with Monday's ¥162.31 high but while it caps on a daily chart closing basis, it remains within a short-term downtrend.

​An advance and daily chart close above ¥162.31 would likely engage last week's ¥162.89 high.

​Were the recent downtrend to continue, the current January low at ¥159.70 would be targeted. Further down lies the September low at ¥158.11.

​EUR/JPY chart Source: TradingView.com
​EUR/JPY chart Source: TradingView.com

​USD/JPY range trades

USD/JPY's descent from its 6-month high at ¥158.88 to its 55-day SMA at ¥154.79 is being followed by further sideways trading. Below Tuesday's ¥154.78 low the September-to-January uptrend line can be seen at ¥154.50.

​A rise above Monday's high at ¥156.58 is needed for the November peak at ¥156.74 to be reached and then the ¥158.00 region.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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