Euro vs Japanese Yen

-0.06243 (-0.04%)
Name Symbol Market Type
Euro vs Japanese Yen FX:EURJPY Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.06243 -0.04% 149.2365 149.229 149.244 149.6965 148.82 149.3375 0 18:24:25

Japanese Yen Climbs Before Fed Decision

02/11/2022 6:53am


Euro vs Yen (FX:EURJPY)
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From Jun 2022 to Jun 2023

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The Japanese yen appreciated against its major counterparts in the European session on Wednesday, as investors weighed the likelihood of a pivot by the U.S. Federal Reserve in the future.

The Fed will announce its interest rate decision at 2:00 pm ET.

Markets expect the Fed to raise its rates by 75 basis points later today, but they are divided on the possibility of a 75- or 50-bp hike in December.

Recent dovish remarks from the Fed's policy makers indicated that the central bank is likely to slow the pace of tightening in the coming months.

Bank of Japan Governor Haruhiko Kuroda said the recent depreciation of the yen is fuelling uncertainty on the outlook and is negative for economy.

The yen was up against the greenback, at 147.02. If the currency rises further, 144.00 is likely seen as its next resistance level.

The yen firmed to a 5-day high of 168.95 against the pound, 6-day high of 147.37 against the franc and a 9-day high of 145.41 against the euro, off its early lows of 170.33, 148.35 and 146.48, respectively. The currency is likely to challenge resistance around 165.00 against the pound, 146.00 against the franc and 144.00 against the euro.

The yen rose back to 108.13 against the loonie, heading to pierce a 5-day high of 108.07 seen at 9 pm ET. On the upside, 93.5 is likely seen as the next resistance level for the currency.

The yen moved up to an 8-day high of 94.08 against the aussie at 9 pm ET, but it has since pulled back to 94.77.

In contrast, the yen eased to 86.66 against the kiwi, from a 2-day high of 86.01 hit at 9 pm ET. The yen is seen finding support around the 89.00 level.

Looking ahead, ADP private sector employment data for October is scheduled for release at 8:15 am ET.

At 2:00 pm ET, the Fed announces its decision on interest rate. The central bank is expected to raise the target range for the federal funds rate by 75 basis points to 3.75 percent to 4.00 percent.

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1 Year Euro vs Yen Chart

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1 Month Euro vs Yen Chart
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