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EUR/JPY can slide even lower
Information is not investment advice
EUR/JPY has made a spectacular decline this week because of the weaker euro. The pair reached our bearish targets and it’s time to set the new ones. The decline below the 38.2% Fibo at 124.20 will open the way down to the next Fibo level at 123.15. The outlook will remain negative as long as the euro’s trading below 125.00 (psychological level, 50-day MA, and the former support line).
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.